LIC Housing Finance Q1 standalone net up 15 pct

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Updated: July 29, 2017 4:28:49 AM

LIC Housing Finance on Friday reported a 15% year-on-year (y-o-y) rise in its standalone net profit for the quarter ended June to Rs 470 crore, as an 11% y-o-y growth in the net interest income to Rs 913 crore outweighed a 22% increase in total provisions.

LIC Housing Finance, LIC NPAs, NPAs, LIC standalone net profit, project loan, gross NPA ratioFor the quarter under review, LIC Housing Finance clocked a 15% y-o-y growth in disbursement to Rs 8,699 crore.

LIC Housing Finance on Friday reported a 15% year-on-year (y-o-y) rise in its standalone net profit for the quarter ended June to Rs 470 crore, as an 11% y-o-y growth in the net interest income to Rs 913 crore outweighed a 22% increase in total provisions. Cumulative provisions against non-performing assets (NPAs), teaser loans and standard assets stood at Rs 1,137 crore as on June 30, up from Rs 935 crore in the year-ago period, the company said in a presentation to analysts.

The asset quality worsened sequentially, with the gross NPA ratio rising 29 basis points (bps) from the end of March to 0.72% and the net NPA ratio ticking up 24 bps to 0.38%. For the quarter under review, LIC Housing Finance clocked a 15% y-o-y growth in disbursement to Rs 8,699 crore, the company said in a release. Disbursement to individuals accounted for 95% of all disbursement. Disbursement in the project loan segment declined 14% y-o-y to Rs 413 crore.

The net interest margin for the June quarter stood at 2.5%, against 2.97% at the end of the March quarter. Total income in Q1 rose 8% y-o-y to Rs 3,655 crore. Revenue from operations grew 8%, from Rs 3,360 crore to Rs 3,633 crore. The outstanding mortgage portfolio as on June 30 was of Rs 1.47 lakh crore, up 15% from Rs 1.27 lakh crore as on June 30, 2016. The individual loan portfolio stood at Rs 1.41 lakh crore, against Rs 1.24 lakh crore, a growth of 14%. The developer loan portfolio was up 49% at Rs 5,611 crore as on June 30, compared with Rs 3,756 crore in the year-ago period.

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