LIC Housing Q1 net down by 11%1 min read . Updated: 25 Jul 2012, 05:05 PM IST
LIC Housing Q1 net down by 11%
Mumbai: LICHousing Finance Ltdposted an 11% drop in net profit for the quarter ended 30 June from the year earlier on a decline in loans to developers.
The drop in loans to developers impacted net interest margin (NIM), or the difference between interest charged for loans and that paid for funds. It narrowed to 2.18% from 2.78%.
Loan sanctions to individual borrowers grew at 33% in the quarter with the company sanctioning ₹ 4,900 crore, while disbursements grew 29% to ₹ 4,470 crore.
Gross non-performing assets dropped to 0.71% of total assets from 0.84% in the year-ago period.