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LIC HFL Q2 FY20

LIC Housing Finance Ltd announces its Q2 FY2020 results

Q2 FY2020 Profit After Tax of Rs. 772.20 crs, up 35%

Individual Home Loan Disbursements up by 16% to Rs. 10136 cr.
Outstanding loan portfolio at Rs. 203037 crs, up by 14%

Mumbai, October 19, 2019: The Board of Directors of LIC Housing Finance Limited announced its un-audited results for the second quarter ended on September 30, 2019 following its approval by the Board of Directors in a meeting held in Mumbai on October 19, 2019.

The results are in accordance with the Indian Accounting Standards i.e IndAS notifications issued by the Ministry of Corporate Affairs and National Housing Bank in April 2018.

Performance highlights at a glance-Q2 FY2020

(Figures in Rs. crores)

  Quarter Ended September 30, 2019 Quarter Ended September 30, 2018 Variation
Revenue from operations 4973 4202 18%
Total income incl other income 4979 4208 18%
Net Interest Income 1213 1047 16%
Net Interest Margins 2.42% 2.41%  
Profit before tax 856.06 745.34 15%
Net Profit after tax 772.20 573.16 35%
Outstanding Loan Portfolio 203037 177393 14.5%
                                                                                                                                      (1 crore =10 million)

 

Performance highlights for the quarter ended September 30, 2019:

The total disbursements were Rs 12173 crs in Q2 FY2020 as against Rs 14294 crs for the corresponding period in Q2 FY2019. Out of this, disbursement in Individual Home Loan segment registered a growth of 16% from Rs. 8739 crs to Rs. 10136 cr, whereas project loans were Rs. 445 crs as against Rs. 2970 crs for the same quarter in previous year.

The company's total income for Q2 FY2020 quarter rose by 18% to Rs. 4979 crs as compared to Rs. 4208 crs during the same period in the previous year. The revenue from operations grew 18% from Rs. 4202 crs to Rs. 4973 crs.

The Net Interest Income was Rs. 1213 crs, as against Rs. 1047 crs for the same period in the previous year, a growth of 16%.

Profit before Tax for the quarter registered a growth of 15% from Rs. 745.34 crs to Rs. 856.06 crs.

Net profit after tax stood at Rs. 772.20 crs as compared to Rs. 573.16 crs during the same period previous year, a growth of 35%.

The total loan portfolio stood at Rs. 203037 crs as against Rs. 177393 crs a growth of 14.5%, out of which Retail Loan Portfolio registered a growth of 14% and Individual home Loans grew at 13%. Developer loan portfolio stood at Rs. 13685 crs as on September 30, 2019 as against Rs.10936 crs as on September 30, 2018.

Net Interest margins for Q2 ended September 30, 2019 were at 2.42% as against 2.41% during the same period previous year.

Under IndAS 16, asset classification and provisioning changes for future credit loss are reported on Expected Credit Loss (ECL) basis.

As per the same methodology, the provisions for ECL stood at Rs. 2194.04 crs as on September 30, 2019 as against Rs. 1559.48 crs as on September 30, 2018.The Stage 3 Exposure at Default as on September 30,2019 stood at 2.38% as against 1.98% as on June 30,2019.

Performance highlights at a glance-H1 FY2020

 (Figures in Rs. Crores)

  Six Months Ended September 30,2019 Six Months Ended September 30,2018 Variation %
Revenue from Operations 9780 8261 18%
Total Income Incl Other Income 9786 8267 18%
Net Interest Income 2367 2027 17%
Net Profit Before Tax 1696.95 1533.74 11%
Net Profit after Tax 1382.88 1141.10 21%

 

(1 crore =10 million)

During the six months ended September 30, 2019, the total disbursements for the Company stood at Rs. 22434 crs as against Rs. 23866 crs for the same period of the previous year. Out of this individual home loan segment registered a disbursement of Rs. 18007 cr, a growth of 13%, whereas project loans were Rs.1274 crs as against Rs.3837 crs for H1 ended September 30, 2019.

The company’s total income was Rs. 9786 crs as against Rs. 8267 crs during the same period previous year, a growth of 18%. Revenue from operations grew 18% to Rs. 9780 crs from Rs. 8261 crs.

Net Interest Income (NII) for six months was up by 17% to Rs. 2367 crs from Rs. 2027 crs during the same period previous year.

Net profit before tax (PBT) for H1 FY2020 was Rs. 1696.95 crs as against Rs.1533.74 crs during the same period previous year, a growth of 11%.

Net profit after tax for the six months ended September 30, 2019 was Rs. 1382.88 crs as against Rs. 1141.10 crs during the same period previous year, a growth of 21%.

Net interest margins (NIM) for six months ended September 30, 2019 stood at 2.38% as against 2.35% for the corresponding period ended September 30, 2018.

Speaking on the performance, Mr.  Siddhartha Mohanty, MD & CEO, LIC Housing Finance said, “Though the external environment continued to be challenging, we have been able to generate good growth in the home loan segment, especially in Affordable Housing. We are strongly focusing on addressing the asset quality and are confident of controlling it in the coming quarters.”

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:

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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