LIC Housing Finance net falls 14 per cent
Our Banking Bureau
28 June 2005
Mumbai: LIC Housing Finance has reported its net profit at Rs143.72 crore for the fiscal year 2004-05, which marks a 14.18-per cent fall from Rs167.47 crore in the previous year. The board of directors has also recommended a dividend of 50 per cent.
The company's total interest income on housing loans grew by 7.4 per cent to Rs978 crore (Rs911 crore). Interest expenses were Rs677 crore (Rs610 crores). Total income was at Rs1,048 crore, up by 6.4 per cent (Rs985 crore). Loan sanctions and disbursements had grown by 12 per cent and over 13 per cent, respectively during the fiscal.
Under individual loans, the company sanctioned 83,205 loans worth Rs4,415 crore and disbursed 84,387 loans worth Rs4,207 crore. Total sanctions for the year inclusive of individual and project loans amounted to Rs5,209 crore, and total disbursements amounted to Rs4,650 crore.
In terms of its outstanding mortgage portfolio, there was a growth of 25.5 per cent.
As per the new NPA recognition norms of National Housing Bank, the gross and net NPAs of the company stand at 4.43 per cent and 2.79 per cent, respectively.