LIC Housing Finance (LICHF) on Thursday reported a 71% jump in its net profit to Rs 212.02 crore for the quarter ended June 2010 as against Rs 123.84 crore recorded in the corresponding quarter of the previous fiscal.
Talking to FE, RR Nair, director & chief executive, LICHF, said, ?We recorded a higher profit margin due to good income growth, reduction in interest cost and improvement of net interest margin.?
The company’s total income, including other income, for the quarter grew 30% to Rs 1,015 crore as against Rs 782 crore achieved during the corresponding period of the previous fiscal.
The net interest margins of the company stood at 3.01% as against 2.45% for the quarter ended June 2009. Net NPA stood at 0.35%.
LICHF recorded a growth of 51% in loan sanctions and 40% in loan disbursements during the period under observation.
The individual housing loan sanctions grew 28% to Rs 3,654 crore while individual housing loan disbursements rose 32% to Rs 3,018 crore.
?We are looking at achieving the annual target of 40% in disbursement to Rs 20,000 crore by the end of the fiscal,? added Nair.