LIC Housing increases 19% in third quarter

LIC Housing Finance (LICHFL) has gained a 19 per cent increase in net profit in the third quarter ended December 31, 2016, at Rs 499 crore compared to Rs. 419 crore in the year-ago quarter.

The housing finance company’s net interest income (the difference between interest earned and interest expended) was up 23 per cent year-on-year (yoy) at Rs. 915 crore.

Net interest margin improved to 2.75 per cent (2.58 per cent in the year-ago quarter). During the quarter, loans disbursed by the company increased by 15 per cent at Rs 9,684 crore (Rs. 8,422 crore). Disbursements in the individual loan category were Rs. 8,555 crore (Rs. 8,067 crore).

“It registered steady and consistent loan growth and margin improvement with improved asset quality. With growth expected to improve in the coming quarters, the company is poised for a strong Q4 (January-December) to conclude the current financial year,” said Sunita Sharma, MD & CEO, LIC Housing Finance.