LIC Housing Finance Limited has registered a 38% rise in its net profit at Rs 106.02 crore in the third quarter of the current financial year, as against Rs 76.61 crore profit earned during the corresponding period last year.
The income grew by 37% at Rs 552 crore during the quarter.
The states of Andhra Pradesh and Karnataka contributed the maximum share at 28.44 % to the company?s income during the quarter.
?The factors like robust network of LIC Housing offices and the IT sector boom, especially in tier 2 cities of Andhra Pradesh and Karnataka, are mainly responsible for our success in South India,? said LIC Housing Finance Limited executive director and chief executive SK Mitter.
?I foresee our current housing loan floating interest rate of 10.5 % to continue at least till the end of this fiscal,? added Mitter.
LIC Housing Limited issued 16,047 notices to its loan defaulters, accrued the dues worth Rs 214 crores, confiscated 2,000 properties, and liquidated around 498 properties, that fetched Rs 29.35 crore during the first three quarters of the current financial year.
The company has finalised its reverse mortgage product and is consulting the National Housing Bank and other regulatory authorities to sort out certain technicalities. The product is expected to be launched in the first quarter of the next fiscal year.
