By Accommodation Times News Services
LIC Housing Finance in the first quarter of the financial year 2015-16, disbursed loans for Rs. 6, 124 crore, this resulted into 19 per cent of growth in their net profit for the 30th June. The total income for the first quarter of the current fiscal was Rs 2,965 crore as against Rs 2,544 crore during the same period previous year recording a growth of 17%.
The revenue from operations grew 18% to Rs 2,917 crore. According to analysts, the strong operating performance for first quarter was driven by 22 bps year-on-year expansion in margins to 2.41%. The expansion in the Net Interest Margin (NIM) on a year-on-year basis was on account of declining borrowing costs.
During the quarter, the company disbursed loans of Rs 6,124 crore as against Rs 5,560 crore for the same quarter a year ago. Net interest income was Rs. 659 crore, recording a growth of 30% over the same period last year.
During the quarter provisions were higher at Rs 443.5 crore, compared with Rs 91.58 crore in the same quarter a year ago. Total gross Non-Performing Assets (NPAs) for the company including NPAs on developer loans was Rs 659 crore or 0.60% as on June 30 as against Rs 753 crore or 0.80% as on June 30, 2014. Net NPAs stood at 0.33% as on June 30 as against 0.49% as on June 30, 2014.