LIC Housing Finance registered a 38 per cent rise in net profit to Rs 106.02 crore in the third quarter ended December 2007 compared with Rs 78.61 crore in the same quarter last year.
Income from operations stood at Rs 534.35 crore in the quarter as against Rs 396.11 crore in the corresponding period of the previous year.
The total income, including other income and income from operations, rose by 37 per cent to Rs 552 crore, as against Rs 404.10 crore in the corresponding period. The net interest income rose by 36 per cent to Rs 141 crore. Loan disbursals were up by 49 per cent at Rs 1,652 crore.
The net profit was up by 42 per cent at Rs 269.09 crore in the nine months ended December 2007 as against Rs 190 crore in corresponding period of the previous year.
The total income increased by 36 per cent to Rs 1542 crore. The company sanctioned Rs 5706 crore and disbursed Rs 4473 crore, a growth of 59 per cent and 33 per cent respectively.
The outstanding mortgage portfolio as on December 30, 2007 was Rs 20163 crore as against Rs 16451 crore in December 2006, registering a growth of 23 per cent.
The gross non-performing assets (NPAs) declined from 3.56 per cent as on December 2006 to 2.77 per cent as of December 2007. The net NPAs stood 1.61 per cent. The company reported a net interest margin of 2.87 per cent in the third quarter of FY 2008 as against 2.56 per cent in the same period of the previous year.
SK Mitter, director and CEO, said, “We’re targeting a growth of 30-33% in loan disbursals for the last quarter. We had planned to raise Rs 7,700 crore for the year, of which we have already raised Rs 4,500 crore. In the last quarter we’ll raise Rs 3,200 crore.
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