The Hindu Business Line : LIC Housing Fin Q2 net up 30.1 pc

LIC Housing Finance Ltd has reported a 30.11 per cent growth in Q2 net profit at Rs 75.93 crore (Rs 58.36 crore). Total income was up by 23.88 per cent at Rs 384.31 crore (Rs 310.22 crore) while total expenditure rose 21.6 per cent to Rs 288 crore (Rs 237.55 crore).

Interest income on housing loans increased by 26.33 per cent to Rs 365.71 crore.

Mr S.K. Mitter, Director and Chief Executive, LIC Housing Finance, said with the rise in interest rates in the second quarter, the company has improved its net interest margin to 2.66 per cent as on September 30 compared to 1.73 per cent as on June 30.

"While there was been some slackening in demand for home loans from investor buyers it has not been so in the case of genuine buyers or end users," said Mr Mitter

Other financials

During the quarter ended September 30, the company sanctioned Rs 1,341 crore and disbursed Rs 1,172 crore. For the half-year fiscal ended September 30, the company sanctioned Rs 2,410 crore (Rs 2,329 crore) and disbursed Rs 2,262 crore (Rs 2,239 crore).

The outstanding mortgage portfolio (individual loans) as on September 30 was up by 20 per cent to Rs 15,428 crore (Rs 12,813 crore). For the six months ended September 30, the company saw a rise of 4.47 per cent in net profit to Rs 113.39 crore (Rs 108.54 crore).

The capital adequacy ratio stands at 14 per cent against the mandatory 12 per cent.

Mr Mitter said that LICHFL Care Homes Ltd, a subsidiary of LIC Housing Finance, would be starting housing projects for senior citizens in Bhubaneshwar, Pune and Puttaparthi. The company had set up a pilot project in Bangalore earlier this year.

The shares of LIC Housing Finance closed at Rs 177.30 on the BSE against the previous close of Rs 169.20.

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