LIC Housing Finance posted a net profit of Rs 370 crore

Apr 21 2014, 15:14 IST
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Net profit for FY14 stood at Rs 1,317.19 crore compared to Rs 1,023.21 crore last year, a growth of 29%. Reuters Net profit for FY14 stood at Rs 1,317.19 crore compared to Rs 1,023.21 crore last year, a growth of 29%. Reuters
SummaryLIC Housing Finance on Monday posted a net profit of Rs 370 crore, up 17.03% year-on-year (y-o-y), for the quarter ended...

LIC Housing Finance on Monday posted a net profit of Rs 370 crore, up 17.03% year-on-year (y-o-y), for the quarter ended March 31. Profit was boosted by a net interest income of Rs 533 crore, up 16% y-o-y.

Net profit for FY14 stood at Rs 1,317.19 crore compared to Rs 1,023.21 crore last year, a growth of 29%. Net interest margins (NIM) for the entire year was 2.25%, up 7 basis points (bps) from last year. NIM for Q4 stood at 2.40% as against 2.16% in the quarter ended December 31.

The company's recorded total income of Rs 2,478 crore and showed a growth of 19% y-o-y in Q4. Revenue from operations grew 19% y-o-y to Rs 2,407 crore. The housing finance company’s outstanding mortgage portfolio at the end of Q4 was Rs 91,341 crore showing a growth of 17% y-o-y, while the individual loan portfolio stood at Rs 88,559 crore, a growth of 18% y-o-y.

Asset quality deteriorated marginally for the financial year and gross non-performing assets (NPAs) of the company stood at 0.67%, up 6 bps from the corresponding period last year.  Net NPAs were up 3 bps and stood at 0.39% at the end of March 31. Gross NPAs in the individual loan segment improved and stood at 0.27% as on March 31, 2014 as against 0.32% as on March 31, 2013.

The board of directors of the company have recommended dividend of 225%, including silver jubilee dividend of 25 %.

“This was a year where the macros have been very challenging. In spite of the difficult environment we have delivered yet another year of strong performance in all the areas of operations- portfolio growth, margin expansion and continue to maintain industry best asset quality,” said Sunita Sharma, managing director and chief executive officer of LIC Housing in a release.

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