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LIC Housing Finance Ltd

LIC Housing Finance Ltd Q2FY15 Profit Before Tax Rs 517 Crore up by 22%

Loan Disbursements up 21%; Individual Loan Portfolio up 18%; Gross NPAs down to 0.63%

Oct 18, 2014   16:50 IST 
Mumbai, Maharashtra, India

The Board of Directors of LIC Housing Finance announced its un-audited results for the second quarter ended on September 30, 2014, following its approval by the Board of Directors in a meeting held in Mumbai today.

 

Performance Highlights – Q2FY15     

                                          (Figures in Rs. crores)  

 

Quarter

 Ended

 September 2014

Quarter

 Ended

 September 2013

 

Variation

Income from operations

2628

2247

17%

Total Income incl other income

2659

2302

15%

Net Interest Income

532

453

17%

Profit before tax

516.99

423.66

22%

Net profit after tax before adjustment of Deferred Tax Liability on Special Reserve

375.47

310.07

21%

Individual Loan Portfolio

95130

80704

18%

Gross NPA %

0.63%

0.73%

 

                                                                                                                   (1 crore =10 million)

 

During the Q2 FY2015, the Company sanctioned loans of Rs. 8092 cr and disbursed loans of Rs. 7196 cr, a growth of 25% and 21% respectively over the corresponding quarter of the previous year.

 

The company's total income for Q2 FY15 was Rs 2659 crore as against Rs2302 crore during the same period previous year, a growth of 15%. Income from operations grew 17% to Rs 2628 crore from Rs 2247 crore.

 

NII for the quarter ended 30 September 2014 was up by 17% to Rs 532 crore from Rs 453 crore during the same period previous year.

 

PBT for the quarter was Rs 516.99 crore as against Rs 423.66 crore during the same period previous year, a growth of 22%.

 

During the quarter, the Company has provided Rs 34.12crore as Deferred Tax Liability on Special Reserves in accordance with the National Housing Bank circular Ref. NHB(ND)/DRS/Pol.Circular No 62/2014 dated 27.5.2014. After providing for the abovementioned Deferred Tax Liability of Rs 34.12 crore, the Net Profit for the quarter stood at Rs 341.35 crore as against Rs 310.07  crore for the corresponding period last year, a growth of 10%.

 

NIM for the Q2FY15 stood at 2.23% as against 2.22% for Q2FY14.

 

The outstanding mortgage portfolio as on 30 September, 2014   was Rs 97528 crore as against Rs 83216 crore as on 30 September 2013, thus registering a growth of 17%. The Individual loan portfolio stood at Rs 95130 crore as against Rs 80704 crore on the corresponding dates, a growth of 18%. Developer loan portfolio stood at Rs 2399 crore as against Rs 2512 crore on the corresponding dates.

 

Gross NPAs as on 30 September,2014 including NPAs on developer loans was 0.63% as against 0.73% as on 30 September, 2013. Gross NPAs in the individual loan segment as on 30 September 2014 was down to 0.38% as against 0.46% as on 30 September 2013. During the quarter, Gross NPAs in the developer loan segment reduced from Rs 388 cr as on 30 June 2014 to Rs. 252 Cr as on 30 September, 2014.

 

Net NPAs as on 30 September 2014 stood at 0.33% as against 0.44% as on 30 September 2013.

 

Total provision including general provision on standard loans as on 30 September 2014 was Rs 704 crore as against Gross NPAs of Rs 611 crore as on the same date.

 

 

Performance Highlights –H1FY15

 

Half year

 ended

September

 2014

Half year

ended

September

2013

 

Variation

Income from operations

5137

4395

17%

Total Income incl other income

5205

4480

16%

Net Interest Income (NII)

1038

908

14%

Profit Before Tax (PBT)

1005.14

847.68

19%

Net profit after tax before adjustment of Deferred Tax Liability on Special Reserve

729.99

620.58

18%

                                                                                                                      (Figures in Rs. crores)  

                                                                                                                 (1 crore =10 million)

The company's total income for six months ended 30 September, 2014 was Rs 5202 crore as against Rs 4480 crore during the same period previous year, a growth of 16%. Income from operations grew 17% to Rs 5137 crore from Rs 4395 crore.

 

NII for the six months ended 30 September, 2014 up by 14% to Rs1038 crore from Rs 908 crore during the same period previous year.

 

PBT for the six months ended 30 September, 2014   was Rs 1005.14 crore as against Rs 847.68 crore during the same period previous year, a growth of 19%.

 

After providing for the Deferred Tax Liability of Rs  66.33  crore, the Net Profit for the six months ended 30 September, 2014   stood at Rs 663.66   crore as against Rs 620.58 crore for the corresponding period last year.

 

Commenting on the performance, Ms. Sunita Sharma, MD & CEO, LIC Housing Finance said “LIC Housing Finance Ltd is in its 25th year of operations and I am extremely glad to mention that since inception, the company has been a consistent performer. This quarter again, LIC HFL’s business performance has witnessed a healthy growth on all counts.”

 

Click here to view the results table

 

About LIC Housing Finance Ltd

LIC Housing Finance Ltd is one of the largest housing finance companies in India having one of the widest networks of offices across the country and representative offices at Dubai & Kuwait. In addition, the Company also distributes its products through branches of its subsidiary LICHFL Financial Services Ltd. LIC Housing Finance Ltd was promoted by Life Insurance Corporation in 1989 and a public issue was made in 1994.  It launched its maiden GDR offering in 2004. The company enjoys the highest rating from CRISIL & CARE indicating highest safety with regard to the ability to service interest and repay principal.

 

For further information please visit the website www.lichousing.com or contact:

 

Ms. Sunita Sharma                                                               Delna Irani/ Ujjawal Punmiya

Managing Director & CEO                                                 Adfactors PR

LIC Housing Finance Ltd                                                     Tel: 022-6757 4444

Tel: 022-2217 8602


 
 
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