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LIC HFL Q2 FY 2017 Profit after tax up 20% to Rs 494.76 crore
Net Interest Income up 21% to Rs 866 crore
Revenue from operations up 13% to Rs. 3428 crore,
Net Interest Margins at 2.68% up from 2.56%
Outstanding loan portfolio at Rs. 131096 crore, up by 15%,
Individual loan Gross NPAs down to 0.32% to 0.33%
Q2 FY17 Home Loan Disbursements up 13%
Mumbai, October 20, 2016: The Board of Directors of LIC Housing Finance announced its un-audited results for the second quarter ended on September 30, 2016, following its approval by the Board of Directors in a meeting held in Mumbai on October 20, 2016.
Performance Highlights – Q2 FY17
(Figures in Rs. crores)
|Quarter Ended September 2016||Quarter Ended September 2015||Variation|
|Revenue from operations||3428||3026||13%|
|Total Income incl other income||3490||3089||13%|
|Net Interest Income||866||717||21%|
|Profit before tax||760.64||644.24||18%|
|Net profit after tax||494.76||411.74||20%|
|Net Interest Margins||2.68%||2.56%|
|Gross NPA %||0.57%||0.60%|
|Net NPA %||0.28%||0.32%|
(1 crore =10 million)
The company's total income for Q2 FY17 was Rs. 3490 crores as against Rs. 3089 crores during the same period previous year, a growth of 13%. Revenue from operations grew 13% from Rs. 3026 crores to Rs. 3428 crores. Net interest income was Rs. 866 crores, registering a growth of 21% over the same period last year.
Profit before tax for the quarter was Rs.760.64 crores a growth of 18% over the same period in the previous year. Net profit after tax for the Q2 FY17 was Rs. 494.76 crores as compared to Rs.411.74 crores in the corresponding period previous year, thus showing a growth of 20%.
During the quarter, the company disbursed loans of Rs. 9123 crores as against Rs. 8390 crores for Q2 FY16. Disbursements in the individual loan category recorded a growth of 10% from Rs 7944 crore to Rs 8755 crore. Out of this Disbursements in the home loan segment registered a growth of 13% over the same period in the previous year. The outstanding mortgage portfolio as on September 30, 2016 was Rs.131096 crores as against Rs.114069 crores on September 30, 2015, thus registering a growth of 15%. The Individual loan portfolio stood at Rs. 127434 crores as against Rs. 111076 crores, a growth of 15%. Developer loan portfolio stood at Rs.3662 crores as on September 30, 2016 as against Rs.2993 crores as on September 30, 2015, a growth of 22%.
Total Gross NPAs for the company including NPAs on developer loans was Rs. 750 crores or 0.57% as on September 30, 2016 as against Rs. 683 crores or 0.60 % as on September 30, 2015. Gross NPAs in individual segment was 0.32% as on September 30, 2016 as against 0.33 % as on September 30, 2015.
Net NPAs stood at 0.28% as on September 30, 2016 as against 0.32 % as on September 30, 2015.
Total provision including general provision on standard loans is Rs.931 crores as on September 30, 2016 against Gross NPAs of Rs. 750 crores on the same date.
Net interest margins for the Q2 FY17 stood at 2.68% as against 2.56 % for Q2 FY16.
Performance Highlights – H1 FY17
(Figures in Rs. crores)
|Half year ended September 2016||Half year ended September 2015||Variation|
|Revenue from operations||6755||5943||14%|
|Total Income incl other income||6870||6054||13%|
|Net Interest Income||1690||1376||23%|
|Net Profit Before tax||1384.07||1223.26||13%|
|Net profit after tax||902.60||793.87||14%|
(1 crore =10 million)
The company's total income for six months ended September 30, 2016 was Rs 6870 crore as against Rs 6054 crore during the same period previous year, a growth of 13%. Revenue from operations grew 14% to Rs 6755 crore from Rs 5943 crore.
Net Interest Income (NII) for the six months ended September 30, 2016 up by 23% to Rs. 1690 crore from Rs. 1376 crore during the same period previous year.
Profit before tax (PBT) for the six months ended September 30, 2016 was Rs 1384.07 crore as against Rs 1223.26 crore during the same period previous year, a growth of 13%.
Net interest margins (NIM) for the H1 FY17 stood at 2.64% as against 2.47 % for H1 FY16.
Speaking on the performance, Ms. Sunita Sharma, MD & CEO, LIC Housing Finance said, “The quarter has looked positive for LIC Housing Finance Ltd. with robust loan growth and consistently strong asset quality and improvement in margins. We continue to remain optimistic on our future performance during the balance half of the current financial year.”
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 with regard to the ability to service interest and repay principal.
For further information please visit the website www.lichousing.com or contact:
|Ms. Sunita Sharma||Delna Irani/Fern Pais|
|Managing Director & CEO||Adfactors PR|
|LIC Housing Finance Ltd||Tel: 022-6757 4444|
|Tel: 022-2217 8602|