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LIC Housing Finance Q1 profit rises 18%

LIC Housing Finance Q1 profit rises 18%
PTI
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First Published: Wed, Jul 22 2009. 12 14 AM IST
Updated: Wed, Jul 22 2009. 12 14 AM IST
Mumbai: Housing finance company, LIC Housing Finance (LICHF), on Tuesday said its net profit rose by 18% to Rs123.84 crore for the first quarter ended June 2009 compared to Rs104.66 crore in the corresponding quarter last year.
During the period, the company registered Rs782 crore revenue, up by 25%, as against Rs623 crore in the same period year before.
“The company has registered a decent profit growth for the current quarter on the back of a 125% profit growth recorded in the first quarter of the previous year. We are confident of maintaining the strong growth in business for the year,” LICHF director and chief executive, R R Nair, said in a statement here.
LICHF recorded a robust growth of 99% in loan sanctions and 60% growth in loan disbursements during the first quarter of the current fiscal.
As on 30 June, the company’s outstanding loan portfolio was Rs29,254 crore as against Rs22,757 crore in the same period last year.
The firm’s incremental spreads as on 30 June was 2.20% as compared to 2.06% during the corresponding quarter in the previous year.
The net interest margins of the company for the first quarter stood at 2.45% as compared to 2.66% for the quarter ended June 2008.
“As the spreads on incremental lending for the current year have increased, the marginal drop in NIMs is expected to get compensated in due course,” Nair said.
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First Published: Wed, Jul 22 2009. 12 14 AM IST