LIC Housing Fin Q1 net up 19%
The non-banking financial company’s net profit a year ago was at Rs 322 crore.
Net interest income increased to Rs 659 crore, up 30 per cent as against Rs 506 crore.
The outstanding loan portfolio grew by 18 per cent to Rs 1.10 lakh crore from Rs 93,609 crore a year ago.
Sunita Sharma, MD & CEO, LIC Housing Finance, said, “We have seen growth across the country in the individual – mortgage and retail home loan segment...”
Mortgage portfolio grew over 100 per cent to a base of about Rs 7,000 crore from Rs 4,000 crore a year ago. The NBFC plans to focus on this segment to increase the portfolio to about 7-8 per cent by year-end from the current 4.8 per cent of its total book.
The individual loan portfolio stood at Rs 1.07 lakh crore as against Rs 91,058 crore, a growth of 18 per cent. On the other hand, developer loan portfolio stood at Rs 2,708 crore as on June 30, 2015, a 6 per cent increase as against Rs 2,551 crore as on June 30, 2014.
During the quarter, the company disbursed loans of Rs 6,124 crore in Q1FY16 as against Rs 5,560 crore for Q1FY15.
Further, Sharma said that the company’s focus was on recovery and reducing bad assets.
As on June end 2015, total gross NPAs (non-performing assets) on developer loans was Rs 659 crore or 0.60 per cent as on June 30, 2015 down from Rs 753 crore or 0.80% as on June 30, 2014. Gross NPA ratio in individual segment also declined to 0.36 per cent from 0.40 per cent.
Net NPAs also reduced to 0.33 per cent from 0.49 per cent a year ago.
With a growth outlook of 20 per cent in the year ahead, Sharma also plans to increase focus on technology with more e-commerce tie-ups, social media and mobile application
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