LIC Housing Finance Q4 net up 36 per cent

LIC Housing Finance Q4 net up 36 per cent

LIC Housing Finance Director and CEO R R Nair, briefing  reporters in Mumbai on Wednesday. PTI

The company ascribed the rise in net profit to healthy growth in business with a disbursal of loans amounting to as much as Rs 5,062 crore, which is a rise of 61 per cent over fourth quarter of previous year.  

Its total income for fourth quarter ended March 2010 was Rs 968 crore as against Rs 806 crore during same period last year, a growth of 20 per cent and net interest margins for Q4 stood at 3.30 per cent.

Briefing reporters here, Director & Chief Executive R R Nair pointed out that the year has ended on positive note with record performances in business and asset growth. “The asset quality has improved significantly for yet another year with reduction in absolute volumes of NPAs and is now amongst the best in the Industry,” he said. 

For year ended March 2010, he noted, the company sanctioned Rs 18,043 crore, and disbursed Rs 14,853 crore, a growth of 66 & 70 per cent respectively. In individual loan segment, the company sanctioned Rs 14,151 crore and disbursed Rs 12,448 crore, growth of 73 & 69 per cent respectively. The board has recommended dividend of Rs 15 per equity share of Rs 10 each fully paid up for the year 2009-10.

For full year, total income was Rs 3,470 crore against Rs 2,903 crore during same period last year, a growth of 20 per cent. Net profit during this period was Rs 662.18 crore as compared to Rs 531.62 crore in the same period a yea ago, a growth of 25 per cent.

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