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Our Bureau

Announces a final dividend of 30%

MR S.K. MITTER, Director & Chief Executive, LIC Housing Finance Ltd, at a press conference in Mumbai on Monday. - Paul Noronha

Mumbai May 14 LIC Housing Finance Ltd has registered a 115 per cent increase in net profit at Rs 89 crore for the fourth quarter ended March 31, 2007 compared with Rs 41 crore for the same quarter last year on the back of reduced provisions and higher interest income, said Mr S.K. Mitter, Director and Chief Executive, LIC Housing Finance.

Provisioning fell to Rs 20.78 crore against Rs 61.92 crore.

Total income was up 28 per cent to Rs 454 crore against Rs 354 crore. Total expenditure inched up 10 per cent to Rs 331 crore from Rs 300 crore.

The company has announced a final dividend of 30 per cent on equity shares in addition to an interim dividend of 50 per cent.

Net interest income went up 33 per cent to Rs 123 crore. While sanctioned loans rose 72 per cent to Rs 2,479 crore, total loans disbursed were up 23 per cent at Rs 1,755 crore.

During the fiscal 2006-07, sanctioned loans shot up 19 per cent to Rs 6,105 crore, while disbursed loans grew 5 per cent to Rs 5,121 crore. Interest income on housing loans was up 26 per cent to Rs 1,499 crore.

The outstanding mortgage portfolio was up 18 per cent at Rs 17,563 crore. The net profit for the fiscal climbed 34 per cent at Rs 279 crore.

Mr Mitter said the housing finance company had been cautious about growth as they were cleaning up the quality of the assets.

The net non-performing assets have fallen to 1.26 per cent at the end of March 31 from 1.80 per cent in the previous year. Net interest margin fell to 2.45 per cent (2.54 per cent).

More Stories on : Financial Performance | Housing Finance

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