LIC Housing Finance FY - 2008- 09 net profit rises by 37 % to Rs 531.62 crores
Gross NPA down from 1.70% to 1.07% Q4 Net Profit up 33 % to Rs.157.55 crores Board proposes 130% dividend
Tweet-- LIC Housing Finance announced its audited results for the year ended March 2009, following its approval by the Board of Directors in a meeting held in Mumbai today.
Performance for the year 2008-09:
For the year ended March 2009, the Company sanctioned Rs. 10898 crores, and disbursed Rs.8762 crores, a growth of 26 % & 24 % respectively.
For the year ended March 2009, the Company's total Income from operations was Rs.2880 crores as against Rs.2146 crores during the same period last year. Net profit during this period was Rs 531.62 crores as compared to Rs.387.19 crores in the corresponding period last year, a growth of 37 %.
The Outstanding Mortgage Portfolio as on March 31, 2009 was Rs.27679 crores as against Rs.21936 crores on March 31, 2008, thus registering a growth of 26 %.
The Gross NPAs as on 31.3.2009 stood at Rs. 297 cr as against Rs. 373 cr as on 31.3.2008, a reduction of 20%. The Gross NPAs of the Company stood at 1.07% on 31.3.2009 as against 1.70% as on 31.3.2008. Net NPAs were 0.21 % as against 0.64 % for the corresponding dates. The provision cover on the NPAs stood at 81 % as on 31.3.2009.
The Net Interest Margins for the whole year stood at 2.95%
The Board of Directors have recommended dividend of 130 %.
Performance Highlights - Q4 FY09
The company has recorded a healthy growth in business during the fourth quarter ended March 2009. The Company sanctioned Rs.3539 cr & disbursed Rs 3139 crores, registering a growth of 22% & 21% respectively.
Net profit for the Q4 was Rs.157.55 crores as compared to Rs.118.09 crores in the corresponding period last year, thus showing a growth of 33%. The Company's total Income from operations for the fourth quarter ended March 2009 was Rs.790 crores as against Rs.607 crores during the same period last year, a growth of 30%.
Mr. R.R.Nair, Director and Chief Executive, LIC Housing Finance Limited said “The year gone by was a very challenging one in terms of the overall business environment. As such, it is all the more satisfying to have performed well on all counts comprising of a healthy business growth, enhanced margins and a significant improvement in asset quality. We are confident of consistently delivering on all the areas in the current year as well. We propose to open 26 new branches this fiscal. An upgradation on the technology front will also be completed this year which will significantly improve servicing standards to customers.”
Notes to Editor
LIC Housing Finance Ltd is one of the largest housing finance companies in India having one of the widest networks of 130 marketing offices across the country and representative offices in Dubai & Kuwait. It 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 ‘AAA’ rating from CRISIL indicating highest safety with regard to the ability to service interest and repay capital. The Fixed Deposits of the Company are rated FAAA/stable by CRISIL.