LIC HFL Q1FY2018 Net Profit rises 15.3% YoY at Rs. 470.06 crore
The net profit of LIC Housing Finance Ltd for the quarter ended 30th June, 2017 rose 15.3% year-on-year to Rs. 470.06 crore
In the quarter ended June 30, 2017, the Company disbursed Rs 8286 cr in the Individual Loan segment, representing a growth of 17 % over the corresponding period in the previous year, the company said in a statement. Disbursement in the project loan segment was Rs 413 cr against Rs 478 cr for the corresponding period in the previous year.
The company’s total income for Q1 FY18 was Rs. 3655 crores as against Rs.3380 crores during the same period previous year, a growth of 8%. Revenue from operations grew 8% from Rs. 3360 crores to Rs. 3633 crores. Net interest income was Rs 913 crores, registering a growth of 11% over the same period last year.
Profit before tax for the quarter was Rs. 718.48 crores a growth of 15 % over the same period in the previous year. Net profit after tax for the Q1 FY18 was Rs. 470.06 crores as compared to Rs. 407.84 crores in the corresponding period previous year, thus showing a growth of 15%.
Net interest margins for the Q1 FY18 stood at 2.50% as against 2.61% for Q1 FY17.
The outstanding mortgage portfolio as on June 30, 2017 was Rs. 147051 crores as against Rs. 127437 crores on June 30, 2016, thus registering a growth of 15%. The Individual loan portfolio stood at Rs 141440 crores as against Rs 123681 crores, a growth of 14%. Developer loan portfolio stood at Rs. 5611 crores as on June 30, 2017 as against Rs. 3756 crores, a growth of 49% as on June 30, 2016.
NPAs stood at 0.38% as on June 30, 2017 as against 0.28% as on June 30, 2016.
Total provision including general provision on standard loans is Rs. 1137 crores as on June 30, 2017 against Gross NPAs of Rs 1066 crores on the same date.
Commenting on the performance, Mr. Vinay Sah, MD & CEO, LIC Housing Finance said, “The Company recorded healthy growth in Disbursement and portfolio growth during the first quarter of the financial year. With growing focus of Government in the affordable housing segment we are confident that the growth trajectory would be maintained. The Company will continue its focus of enabling convenient and efficient financial access to every Indian to own a home of his own.”