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LIC Housing Q4 Stand-alone Profit Down By 19%

4/25/2012 5:38 AM ET

LIC Housing Finance Ltd., one of the largest housing finance companies in India, reported lower stand-alone net profit for the fourth-quarter, despite net interest margins have started showing some signs of improvement during the quarter.

Stand-alone Results

The Mumbai-based company posted a fourth-quarter stand-alone net profit of Rs.253.60 crore or Rs.5.26 per share, down by 19 percent from Rs.314.77 crore or Rs.6.63 per share in the previous year quarter.

Net interest income during the quarter was Rs.370.77 crore, lower by 12 percent than the Rs.420.35 crore in the previous year quarter, while other operating income stood at Rs.34.30 crore, compared with Rs.38.14 crore in the prior-year quarter. Net interest margin for the quarter was 2.44 percent, up from 2.27 percent in Q3FY12.

The company's total income, including other income, for the quarter totaled Rs.1,689.03 crore, up by 21 percent from Rs.1,391.92 crore during the same period last year.

During the quarter, the company disbursed loans totaling Rs.6,345 crore, compared with Rs.5,216 crore in the fourth-quarter of the preceding year, registering a growth of 22 percent.

For fiscal year, the company's stand-alone net profit fell by six percent to Rs.914.20 crore from Rs.974.49 crore last year.

Net interest income for the fiscal year was Rs.1,391.62 crore, flat from last year's Rs.1,371.95 crore in the previous year, while other operating income stood at Rs.132.47 crore, compared with Rs.150.10 crore last year. Net Interest Margins for the year stood at 2.44 percent, compared with 3.08 percent for the previous year

The company's total income, including other income, for April-March 2012 period increased by 28 percent to Rs.6,215.12 crore from Rs.4,868.72 crore a year-ago.

During the year, the company disbursed Rs.19,118 crore, compared with Rs.16,268 crore last year, a growth of 24 percent.

As at the end of this March, the gross non-performing assets declined to 0.42 percent from 0.47 percent as at the end of March last year, while the net NPAs rose to 0.14 percent from 0.08 percent as of March 31, 2011.

As on March 31, the outstanding mortgage portfolio was Rs.63,080 crore, up by 23 percent from Rs.51,090 crore as on March 31 last year.

Consolidated Results

LIC Housing Finance's consolidated net profit for the fiscal year after share of associate company's profit totaled Rs.919.86 crore, compared with Rs.951.88 crore in 2011, reflecting a three percent decline.

Consolidated net interest income for the fiscal year was Rs.1,391.62 crore, flat from last year's Rs.1,371.95 crore last year, while other operating income was Rs.159.14 crore, compared with Rs.158.77 crore in the preceding year.

The company's total consolidated income, including other income, for April-March 2012 period increased by 28 percent to Rs.6,244.58 crore from Rs.4,874.66 crore a year-ago.

The company said its Board had recommended a dividend of 180 percent or Rs.3.60 per equity share of Rs.2 each for the fiscal year 2012.

Director & Chief Executive V.K. Sharma said, "The year was extremely challenging and the business environment was unrelenting. It gives us great satisfaction to note that we have been able to deliver on all the business metrics in an exceptionally difficult year, more so on account of the fact that NIMs have started showing some signs of improvement in Q4. Over the past several years, we have built up a track record of delivering consistently, especially in tough circumstances and that gives us the confidence to further improve upon our performances in FY13" LIC Housing Finance shares are currently trading at Rs.257.10, down 1.20 percent from the previous close at the BSE.

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by RTT Staff Writer

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