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LIC Housing Finance announces its Q1 FY19-20 results

Q1 Profit After Tax of Rs 610.68cr, up 8%
Loan Disbursements Rs 10261 cr up by 7%
Outstanding loan portfolio at Rs 197768 cr, up by 16%,

For Immediate Release

Mumbai, August 03, 2019: The Board of Directors of LIC Housing Finance announced its un-audited results for the first quarter ended on June 30, 2019 following its approval by the Board of Directors in a meeting held in Mumbai on August 03, 2019.

Performance highlights at a glance

(Figures in Rs. crores)

  Quarter Ended June 30, 2019 Quarter Ended June 30, 2018 Variation
Revenue from operations 4757 4005 19%
Total income incl other income 4807 4059 18%
Net Interest Income 1154 980 18%
Net Interest Margins 2.35% 2.32%  
Profit before tax 840.89 788.40 7%
Net Profit after tax 610.68 567.94 8%
Outstanding Loan Portfolio 197768 169866 16%

(1 crore =10 million)

Performance highlights for the quarter ended June 30, 2019:

In the quarter ended June 30, 2019, total disbursements were Rs 10261 cr as against Rs 9594 cr for the corresponding period in the previous year registering a growth of 7%. Out of that, disbursements in the individual home loan segment was Rs 7871 cr against Rs 7260 cr, whereas total disbursements in project loans were Rs 829 cr as against Rs 889 cr for quarter ended June 30, 2018.

The company's total income for quarter ended June 30, 2019 was Rs 4807 cr as against Rs. 4059 cr during the same period previous year, marking a growth of 18%. Revenue from operations grew 19% from Rs. 4005 cr to Rs.4757 cr.

Net Interest Income was Rs 1154 cr, as against Rs 980 cr for the same period in the previous year, registering a growth of 18%.

Profit before Tax for the quarter was Rs. 840.89 cr as against Rs. 788.40 cr for the same period in the previous year, registering a growth of 7%.

Net profit after tax stood at Rs. 610.68 cr as compared to Rs. 567.94 cr during the same period previous year registering a growth of 8%.

The total loan portfolio stood at Rs 197768 cr as against Rs 169866 cr a growth of 16%. The Individual loan portfolio stood at Rs 184155 cr as against Rs 161467cr, showcasing a growth of 14%. Out of that home loan portfolio registered a growth of 12.4%.Developer loan portfolio stood at Rs 13614 cr as on June 30, 2019 as against Rs 8399 cr as on June 30, 2018.

Net Interest margins for Q1 ended June 30, 2019 stood at 2.35% as against 2.32% during the same period previous year.

Under Indian Accounting Standards norms, asset classification and provisioning amount changes from the rule- based model to the Expected Credit Loss (ECL) model of providing for expected future credit losses based on Exposure at Default (EAD). The loan loss provisions are computed based on the Company’s loss rates experienced in the past and future expected credit loss after accounting in various parameters.

As per the same methodology, the EAD-Stage 3 stood at 1.98% as against 1.54% as on 31st March, 2019.

Consequently, the provisions for ECL stood at Rs 253.33cr for the quarter as against Rs 160.96 cr for the corresponding quarter in the previous year.

Speaking on the performance, Mr. Siddhartha Mohanty, MD & CEO, LIC Housing Finance said, “The business environment continued to be quite challenging. However, despite that, the Company's outstanding loan book grew consistently, especially on the home loan segment. The company has also performed quite well in the affordable segment. The company is strongly focusing on asset quality and on recovery aspect and we are confident of addressing the situation in current year. The budget this year proposes additional Rs 1.5 lac deduction for interest on home loans, which will certainly trigger a strong demand from end-users in the affordable category. Renewed emphasis on PMAY (Urban) is also encouraging. In the current financial year, we expect stabilisation of the financial sector. I feel the sector will not only recover from the earlier stress, but also see opportunities for substantial growth in future.”

About LIC Housing Finance Ltd

LIC Housing Finance Ltd is one of the largest housing finance companies in India having one of the widest networks of offices across the country and representative offices at Dubai & Kuwait. In addition, the Company also distributes its products through branches of its subsidiary LICHFL Financial Services Ltd. LIC Housing Finance Ltd was promoted by Life Insurance Corporation in 1989 and a public issue was made in 1994. It launched its maiden GDR offering in 2004. The company enjoys the highest rating from CRISIL & CARE indicating highest safety about the ability to service interest and repay principal.

For further information please visit the website www.lichousing.com or contact:

 For Media Queries, please contact

Mr. Siddhartha Mohanty

Managing Director & CEO

LIC Housing Finance Ltd.

Tel: 022-2217 8602

Mansi Sheth / Neha Sharma

Veritas Reputation PR

Tel: 9870631556 / 9664372349



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