LIC Housing Finance Q4 net up 2% at Rs. 539 cr

LIC Housing Finance reported a muted 2 per cent net profit growth of Rs. 539 crore in the fourth quarter ended March 31, 2018, against Rs. 529 crore in the year-ago quarter.

The Board of Directors of the company approved dividend at the rate of 340 per cent, or Rs. 6.80 per equity share of Rs. 2 each for financial year 2017-18.

For the financial year ended March 31, 2018, net profit nudged up 3 per cent to Rs. 1,990 crore against Rs. 1,931 crore in FY2017.

In the reporting quarter, total income, including other income, rose 7 per cent year-on-year (y-o-y) to Rs. 3,934 crore (Rs. 3,662 crore in the year-ago quarter).

Total expenses, including finance cost, establishment and employee benefits, increased by 8 per cent y-o-y to Rs. 3,095 crore (Rs. 2,856 crore).

Net interest margin for the reporting quarter declined to 2.49 per cent against 2.97 per cent in the year-ago quarter.

According to a company statement, during the reporting quarter, total loan disbursements increased 15 per cent y-o-y at Rs. 17,402 crore. Of that, disbursements in the individual home loan segment registered a 17 per cent growth y-o-y at Rs. 10,838 crore, whereas total disbursements in project loans were up 84 per cent y-o-y at Rs. 2,266 crore.

As at March-end 2018, the loan portfolio increased by 15 per cent y-o-y to Rs. 1,66,363 crore against Rs. 1,44,534 crore as of March-end 2017.

As of March-end 2018, gross non-performing assets rose to 0.78 per cent of loans against 0.43 per cent as at March-end 2017.

Shares of LIC Housing Finance closed at Rs. 550.20 apiece, up 1.86 per cent over the previous close on the BSE. The company’s financial results were declared after market hours.