LIC Housing net up 5.4% on provisions for deferred tax

By: | Published: January 15, 2015 12:59 AM

LIC Housing Finance on Wednesday reported a net profit of Rs 344.3 crore for three months...

LIC Housing Finance on Wednesday reported a net profit of Rs 344.3 crore for three months to December 2014, up 5.4% from Rs 326.9 crore in the same period last year. The company’s net profit was hit by provisions of Rs 34 crore towards deferred tax liability.

Its net interest margin (NIM) in Q3 FY15 was up 4 basis points (bps) on a year-on-year (y-o-y) basis at 2.2% and net interest income (NII) stood at Rs 549 crore, up 20% y-o-y. The company’s profit before the adjustment for deferred tax on special reserve was at Rs 378.3 crore.

LIC Housing Finance MD & CEO Sunita Sharma said in a statement, “LIC HFL’s business performance has seen a healthy growth and has crossed Rs 1 lakh crore in loan books. The company has been a consistent performer and provides value-based service to its customers.”

The company’s total income saw a 15% y-o-y growth at Rs 2,736 crore. Its total mortgage portfolio in December 2014 was Rs 1.01 lakh crore against Rs 86,422 crore in the same period last year, registering a growth of 18%. Loans to individual borrowers stood at Rs 99,362 crore, up 19% y-o-y.

Its gross non-performing assets (NPAs) as a percentage of gross advances stood at 0.57% in Q3 FY15 against 0.81% in Q3 FY14. Shares of the company closed at Rs 453.9 on BSE, down 1.8% from its previous close.

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