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LIC HFL Q3 FY20

LIC Housing Finance Ltd announces its Q3 FY2020 results
 

Q3 FY 2019 - 2020 Profit after tax of Rs 597.53 cr
Outstanding loan portfolio at Rs 205692 crs, up by 13%
Net Interest Income Rs 1228 crs up by 18%
Revenue from operations up 13% to Rs 4996 crs
Net Interest Margin at 2.42%

 

 

Mumbai, January 30, 2020: The Board of Directors of LIC Housing Finance Ltd. announced its un-audited results for the third quarter ended on December 31, 2019 following its approval by the Board of Directors in a meeting held in Mumbai on January 30, 2020.

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 - Q3 FY 2020

(Figures in Rs. crores)

  Quarter Ended December 2019 Quarter Ended December 2018 Variation (%)
Revenue from operations 4996 4439 13%
Net Interest Income 1228 1042 18%
Profit before tax 745.32 859.59 (13%)
Net Profit after tax 597.53 596.31  
Net Interest Margin 2.42% 2.33%  
Outstanding Loan Portfolio 205692 181553 13%

(1 crore =10 million)

Performance highlights for the quarter ended December 31, 2019

Total disbursements were Rs 13177 crs in Q3 FY2020 as against Rs 12778 crs for the corresponding period in FY2019. Out of this, disbursement in Individual Home Loan segment registered a healthy growth of 16 % from Rs. 9170 crs to Rs. 10655 crs, whereas project loans were Rs. 931 crs compared with Rs. 1238 crs for the same quarter in previous year.

The Company's Revenue from operations grew 13% from Rs. 4439 crs to Rs. 4996 crs.

Net Interest Income (NII) was Rs. 1228 crs, as against Rs. 1043 crs for the same period previous year, posting a growth of 18%.

Profit before Tax for the quarter declined by 13% from Rs. 859.59 crs to Rs. 745.32 crs.

Net Profit after tax stood at Rs. 597.53 crs compared with Rs. 596.31 crs during the same period in the previous year.

The Individual loan portfolio stood at Rs. 192459 crs as against Rs. 170658 crs , a growth of 13%.Project Loan portfolio stood at Rs.13233 crs as on December 31,2019 as against Rs. 10895 crs as on December 31,2018. Total outstanding portfolio grew at 13% from Rs. 181553 crs to Rs. 205692 crs.

Net Interest Margin (NIM) for the quarter ended December 31, 2019 was 2.42% as against 2.33% 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. 2584.72crs as on December 31, 2019 as against Rs. 1555.33 crs as on December 31, 2018.The Stage 3 Exposure at Default as on December 31, 2019 stood at 2.73% as against 2.38% as on September 30, 2019.

Performance highlights at a glance- 9M FY2020

(Figures in Rs. Crores)

  Nine months Ended December 31, 2019 Nine months Ended December 31, 2018 Variation (%)
Revenue from operations 14777 12700 16%
Net Interest Income 3595 3070 17%
Profit before tax 2442.27 2393.32 2%
Net Profit after tax 1980.41 1737.40 14%
Net Interest Margin 2.40% 2.35%  

(1 crore =10 million)

During the nine months ended December 31, 2019, total disbursements stood at Rs. 35611 crs as against Rs. 36666 crs for the same period of the previous year. Out of this, individual home loan segment registered disbursement of Rs. 28662 crs, a growth of 14% from Rs 25169 crs, whereas total disbursements under project loans stood at Rs.2205 crs as against Rs. 5097 crs for nine months ended December 31, 2018.

The Company’s Revenue from operations grew 16% to Rs. 14777 crs from Rs. 12700 crs.

Net Interest Income (NII) for nine months was up by 17% to Rs.3595 crs from Rs.3070 crs during the same period previous financial year.

Profit before tax (PBT) for nine months in FY2020 was Rs. 2442.27 crs as against Rs. 2393.32 crs during the same period previous year, a growth of 2%.

Net profit after tax for the nine months ended December 31, 2019 was Rs.1980.41 crs as against Rs. 1737.40 crs during the same period previous year, a growth of 14%.

Net interest margin (NIM) for nine months ended December 31, 2019 stood at 2.40% as against 2.35% for the corresponding period ended December 31, 2018.

Speaking on the performance, Mr. Siddhartha Mohanty, MD & CEO, LIC Housing Finance Ltd said, “We have registered a good growth in the home loan segment especially in the affordable housing segment. The company is strongly focusing on asset quality and is bringing down loan defaults, besides cost improvement and better market presence. We expect the momentum to continue in the Q4 and hope to end the fiscal year on a positive note”

About LIC Housing Finance Ltd

LIC Housing Finance Ltd is one of the largest housing finance companies in India.It  has one of the widest networks of offices across the country and representative offices at Dubai and 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 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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