The Hindu Business Line : LIC Housing Finance net rises 31 pc

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Mumbai Jan. 23 LIC Housing Finance Ltd has reported a 31 per cent growth in the third quarter net profit at Rs 76.61 crore, against Rs 58.65 crore in the corresponding period in the previous year.

Total income was up 27 per cent at Rs 405.10 crore (Rs 318.06 crore), while total expenditure was higher by 28 per cent at Rs 307.67 crore (Rs 240.32 crore).

Interest income on housing loans increased 28 per cent to Rs 385 crore.

Mr S.K. Mitter, Director and Chief Executive, LIC Housing Finance, said the company had a net interest margin of 2.56 per cent at the end of the third quarter compared with 2.66 per cent at the end of the second quarter.

He said that real estate prices were currently over-valued and the rationalisation of prices could soon begin. "We are seeing good demand in cities such as Mysore, Chennai, Lucknow and Kolkata," Mr Mitter said. The average loan size stands at around Rs 6.5-7 lakh.

Net profit for the first nine months of the fiscal has inched up by 14 per cent to Rs 190 crore (Rs 167.19 crore). The capital adequacy ratio stands at 14 per cent.

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LIC Housing Q3 net rises 40%

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