Deferred tax liability takes LIC Housing Fin net up 3%

Written by fe Bureau | Mumbai | Updated: Jul 26 2014, 07:52am hrs
LIC Housing Finance on Friday posted a net profit of R322 crore, up 3.53% from R311 crore in the same period last year, for the quarter ended June. The company's profit was hit by provisions of R32.2 crore for deferred tax liability.

Net interest margin (NIM) for the quarter was down 11 basis points (bps) at 2.19% from 2.30% in the same period last year. Sunita Sharma, MD & CEO, LIC Housing Finance said, LIC HFL has delivered a healthy all-round growth in the first quarter. With sentiments improving and incentives in the Budget, we are confident of a good year ahead.

The company recorded a total income of R2,544 crore and showed a growth of 17% y-o-y in Q1. Revenue from operations grew 17% y-o-y to R2,509 crore. The companys outstanding mortgage portfolio was R93,609 crore, showing a growth of 17% against R80,137 crore in the same period last year. The individual loan portfolio stood at R91,059 crore, a growth of 17% y-o-y.