OREANDA-NEWS. July 20, 2011. The Board of Directors of LIC Housing Finance announced its un-audited results for the first quarter ended on June 30, 2011 following its approval by the Board of Directors in a meeting held in Mumbai on July 20, 2011.

Highlights (Amount in rupees crore)

 

Quarter ended June 2011

Quarter ended

June 2010

Growth (%)

 

Individual Loan Disbursements

3468

3018

15%

 

Project Loan Disbursements

77

373

(79%)

 

Net Interest Income

361

294

23%

 

Total Income

1418

1015

40%

 

Profit Before Tax

345.42

289.34

19%

 

Profit After Tax

256.50

212.02

21%

 

Outstanding Mortgage Portfolio

52876

 

40030

 

32%

 

 

 

 

 

 

 

 

(1 crore = 10 million)

Performance Details:

- The company recorded a growth of 15% in Individual loan disbursements during the first quarter ended June 2011. Individual loan disbursements stood at Rs 3468 cr for the period as against Rs. 3018 cr for the same period of the previous year. Total disbursements including loans to developers stood at Rs. 3545 cr for the Q1 of FY12 as against Rs 3392 cr for the same period in the previous year.

- Outstanding Mortgage Portfolio as on June 30, 2011 was Rs. 52876 crores as against Rs. 40030 crores as on June 30, 2010, thus showing a growth of 32%.

- The Company's total Income for the quarter ended June 2011 was Rs. 1418 crores as against Rs.1015 crores in the corresponding quarter last year, registering growth of 40%.

- Net Profit of the Company for quarter ended June 2011 was Rs. 256.50 crores as against Rs. 212.02 crores in the quarter ended June 2010, showing a rise of 21%.

- The Net Interest margins of the Company for the quarter ended June 2011 stood at 2.78% as against 3.01% for the quarter ended June 2010.

- The Gross NPAs & the Net NPAs of the Company as on June 30, 2011 stood at 0.84% & 0.35% as against 0.92 % & 0.35 % as on June 30, 2010.

Mr. V. K. Sharma, Director and Chief Executive, LIC Housing Finance Limited said

“There have been some sluggishness in real estate transactions in certain parts of the country on account of customers going into wait and watch mode. However, off-take in our business in June was quite healthy. Also, our new product ‘Freedom’, launched in May 2011 has received good response from the customers. During the quarter, we have transitioned to a new technology platform which will increase our service standards and will reduce turn-around-time significantly”.