The Hindu Business Line : LIC Housing Finance net down 14 per cent

LIC Housing Finance has reported at net profit of Rs 143.72 crore for the fiscal year 2004-05 — a 14.18 per cent fall from Rs 167.47 crore in the previous year.

The board of directors has recommended a dividend of 50 per cent. The company's total interest income on housing loans grew by 7.4 per cent to Rs 978 crore (Rs 911 crore). Interest expenses were Rs 677 crore (Rs 610 crores).

Total income was at Rs 1,048 crore, up by 6.4 per cent (Rs 985 crore). Loan sanctions and disbursements had grown by 12 per cent and over 13 per cent, respectively during the fiscal. Under individual loans, the company sanctioned 83,205 loans worth Rs 4,415 crore and disbursed 84, 387 loans worth Rs 4,207 crore. Total sanctions for the year inclusive of individual and project loans amounted to Rs 5,209 crore, and total disbursements amounted to Rs 4,650 crore.

In terms of its outstanding mortgage portfolio, there was a growth of 25.5 per cent.

As per the new NPA recognition norms of National Housing Bank, the gross and net NPAs of the company stand at 4.43 per cent and 2.79 per cent, respectively. According to the new norms, a loan is classified as a NPA if it is 90 days overdue as against six months as per the earlier norms. Last fiscal, LIC Housing Finance made its first offering of Global Depository Shares (GDS). It issued five million GDSs representing 11.77 per cent of the post-offer equity capital, aggregating $29.85 million through this offering. The GDSs are listed on the Luxembourg Stock Exchange.

The company also increased the strength of its home loan agents, direct sales agents and home loan counsellors to more than 4,300 from 2,700 at the beginning of the year.

Mr S. K. Mitter, LIC Housing Finance Director & Chief Executive, said in a press release, "During the year under review, the company has significantly increased its agency base in line with its future growth strategy."

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