Net Profit of LIC housing up 7%
A net profit of Rs. 370 crore for the quarter ended March 31, up 17.03% y-o-y, was posted by LIC housing on Monday. Compared to Rs.1,023.21 crore last year, net profit for FY14 stood at R1,317.19 crore, an increase of 29%. Net interest margins (NIM) for the entire year were at 2.25%, an increase of 7 basis points from last year. Sunita Sharma, managing director & CEO, LIC Housing, said the company is looking to at an increased NIM of 2.35% in FY15. Sharma added that the growth was fuelled by marketing team’s aggression, focus on loan against property and liability management. Cost of funds has come down and the margins have improved due to liability management.
The total income of the company stood at Rs.2,478 crore, a growth of 19% y-o-y in Q4. The outstanding mortgage portfolio of the company at the end of Q4 was R91,341 crore, a growth of 17% y-o-y, and the individual loan portfolio stood at R88,559 crore, a growth of 18% y-o-y. Gross non-performing assets (NPAs) stood at 0.67%, up 6 bps from the corresponding period last year as the company reported marginal deterioration for the financial year.
A dividend of 225%, including silver jubilee dividend of 25 % has been recommended by the board of directors.
Source: The Financial Express
basis points, cost of funds, home loan against property, how to calculate net interest margin, liability management, LIC Housing, lic loan against property, loan against property, management of non performing assets, net interest margin, net profit, Non-performing asset, Non-performing assets, npa non performing assets, Profit of LIC housing, sunita sharma, what is gross profit and net profit
