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Tuesday, Oct 25, 2005


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Money & Banking - Financial Performance

LIC Housing Fin posts 28-pc rise in Q2 net

Our Bureau

Mumbai , Oct. 24

LIC Housing Finance has reported a 28-per cent increase in net profit for the second quarter ended September 30.Net profit for the quarter amounted to Rs 58.36 crore as against Rs 45.58 crore reported for the corresponding quarter of the previous fiscal.

Total income was up by 21 per cent at Rs 310 crore, (Rs 249.2 crore).

The growth were because the key indicators of sanctioned loans (Rs 1,318 crore) and disbursed individual loans (at Rs 1,171 crore) showed robust growth of 33 per cent and 26 per cent respectively, said Mr S.K. Mitter, CEO, LIC Housing Finance.

The spread was only 1.9 per cent on account of the rise in cost of funds, Mr Mitter pointed out.

Gross profit rose by 27 per cent to Rs 72.67 crore (Rs 57.01 crore). The company's net profit for the first half of the current fiscal rose by 24 per cent to Rs 108.54 crore (Rs 87.55 crore).

The company's scrip fell by 2.57 per cent on BSE today, closing at Rs 185.90, down from the previous trading day's closing price of Rs 190.40.

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