The Hindu Business Line : LIC Housing Q1 net up 20 pc at Rs 50 cr

LIC Housing Finance Ltd has posted a net profit of Rs 50.18 crore for the quarter ended June 30, up 20 per cent from Rs 41.87 crore in the year-ago period.

The company sanctioned loans to the tune of Rs 1,016 crore, up 10 per cent from Rs 927 crore earlier, while loan disbursal was up eight per cent at Rs 1,005 crore (Rs 931 crore).

LIC Housing's interest income on core portfolio was 16 per cent higher at Rs 271 crore (Rs 233 crore), while interest expenses amounted to Rs 193 crore (against Rs 160 crore).

The company's outstanding mortgage portfolio as on June 30 stood at Rs 12,889 crore, up 26 per cent from Rs 10,222 crore earlier.

"Sanctions and disbursements showed an improved growth and this trend is expected to continue growing forward," said Mr S.K. Mitter, Director and CEO. "Income and net profit also registered healthy growth on account of buoyant loan book growth."

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