LIC Housing Finance Ltd., one of the largest housing finance companies in India, reported a higher stand-alone net profit for the fourth-quarter, on increased net interest income, net interest margin and loan growth.
Stand-alone Results
The Mumbai-based company posted a fourth-quarter stand-alone net profit of Rs.316.16 crore or Rs.6.27 per share, compared with Rs.253.60 crore or Rs.5.26 per share in the previous year quarter. Net profit and earnings for the quarter rose by 25 and 19 percent respectively.
Net interest income during the quarter was Rs.460.80 crore, up by 24 percent from the Rs.370.77 crore in the previous year quarter, while other operating income stood at Rs.26.61 crore, compared with Rs.34.30 crore in the prior-year quarter. Net interest margin for the quarter was 2.45 percent, up from 2.09 percent in Q3FY13.
The company's total income, including other income, for the quarter totaled Rs.2,074.75 crore, up by 23 percent from the Rs.1,689.03 crore during the same period last year.
During the quarter, the company disbursed loans totaling Rs.7,536 crore, compared with Rs.6,345 crore in the fourth-quarter of the preceding year, registering a growth of 19 percent.
For fiscal year, the company's stand-alone net profit increased by 12 percent to Rs.1,023.21 crore from the Rs.914.20 crore last year.
Net interest income for the year was Rs.1,534.49 crore, up by ten percent from last year's Rs.1,391.62 crore, while other operating income stood at Rs.116.84 crore, compared with Rs.132.17 crore a year-ago. Net Interest Margins for the year stood at 2.18 percent, compared with 2.44 percent for the previous year
The company's total income, including other income, for April-March 2013 period increased by 23 percent to Rs.7,658.89 crore from the Rs.6,215.12 crore a year-ago.
During the year, the company disbursed Rs.23,230 crore, compared with Rs.19,118 crore last year, a growth of 22 percent.
As at the end of this March, the gross non-performing assets increased to 0.61 percent from 0.42 percent as at the end of March last year, while the net NPAs rose to 0.36 percent from 0.14 percent as of March 31, 2012.
As on March 31, the outstanding mortgage portfolio was Rs.77,812 crore, up by 23 percent from the Rs.63,080 crore as on March 31 last year.
Consolidated Results
LIC Housing Finance's consolidated net profit for the fiscal year, after minority interest and share of associates totaled Rs.1,047.51 crore, compared with Rs.919.85 crore in 2012, reflecting a 14 percent growth.
Consolidated net interest income for the year stood at Rs.1,534.49 crore, higher by ten percent from the Rs.1,391.62 crore last year, while other operating income was Rs.200.51 crore, compared with Rs.159.14 crore in the preceding year.
The company's total consolidated income, including other income, for April-March 2013 period increased by 24 percent to Rs.7,746.37 crore from the Rs.6,244.58 crore a year-ago.
The company said its Board had recommended a dividend of 190 percent or Rs.3.80 per equity share of Rs.2 each for the fiscal year 2013.
LIC Housing Finance shares are currently trading at Rs.243.85, up 4.95 percent from the previous close at the BSE.
For comments and feedback: editorial@rttnews.com