LIC Housing Finance on Monday reported an 18.5% rise in its standalone net profit for the quarter ended March to Rs 448.02 crore...
LIC Housing Finance on Monday reported an 18.5% rise in its standalone net profit for the quarter ended March to Rs 448.02 crore on the back of a rise in loan disbursement and improved operating performance.
The company’s total income from operations for the quarter stood at Rs 3,246.37 crore, up over 14% year-on-year.
Income rose faster than expenses, which rose slightly over 12% to Rs 2,579.67 crore, thereby lifting the lender’s operating profit margin.
Finance costs, which account for the lion’s share of expenses, rose around 11% to Rs 2,384.07 crore.
The company’s earnings before interest, tax depreciation and amortisation margin (Ebitda margin) rose by 121 basis points year-on-year to 20.61% for the quarter under review.
“We have registered a robust growth in business in the fourth quarter as we continue to execute our proven business model of delivering value to customers which is helping us to bring about consistent top and bottom line growth. We are optimistic of a very good
FY 2017,” Sunita Sharma, managing director and chief executive officer at LIC Housing Finance, was quoted as saying in a post-results statement.
For the quarter, LIC Housing Finance reported a year-on-year rise of around 33% in total loan disbursement to Rs 13,216 crore. Of this, individual loans were Rs 12,576 crore, around 32% higher than in the same quarter last year. Loans to developers stood at Rs 640 crore, against Rs 388 crore in the year-ago period.
In terms of asset quality, the company did not see much change from the March quarter last year. Gross non-performing assets as a percentage of total advances stood at 0.45%, against 0.46% as on March 31, 2015. Net non-performing assets as a percentage of total advances stood at 0.22%, unchanged year-on-year.
The company declared a dividend of R5.50 for every share with a face of value of R2. The dividend will be paid on or after August 20, it said.