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LIC Housing Finance reports net rise of 38%

LIC Housing Finance reported a net profit of R326.59 crore for the quarter ended December 31, up 38% from a year ago. The company

LIC Housing Finance reported a net profit of R326.59 crore for the quarter ended December 31, up 38% from a year ago. The company, which is the housing finance arm of insurance behemoth LIC, said net interest income for the quarter stood at R458 crore, a growth of 24% from the same quarter in the previous year.

Net interest margins stood at 2.16% as on December 31, 2013, against 2.09% a year ago.

The outstanding mortgage portfolio as on December 31 was R86,422 crore, registering a growth of 19% year-on-year. LIC Housing Finance?s individual loan portfolio stood at R83,839 crore, up 20%. The developer loan portfolio stood at R2,582 crore, slightly lower than last year.

?We are confident of maintaining the same trend for the fourth quarter of the current fiscal? said Sunita Sharma,?managing director and chief executive officer, LIC Housing Finance.

Gross non-performing assets (NPAs) for the company, including NPAs on developer loans, was R704 crore, or 0.81%, as on December 31 against R538 crore, or 0.74%, in the same period last year. Net NPAs stood at 0.51% as on December 31, 2013, against 0.45% as on December 31, 2012.

Total provisions, including general provision on standard loans, is R727 crore as on December 31, 2013, against gross NPAs of R704 crore on the same date.

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First published on: 17-01-2014 at 03:06 IST
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