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LIC Housing Finance Limited reported an increase of 12 per cent in its net profit at Rs 573.16 crores for the second quarter ended September 2018. The housing finance arm of India’s largest insurer had registered a net profit of Rs 513.88 crore in the same quarter of the preceding fiscal period of 2017-18.
According to the company’s regulatory filing, the total income of the company grew to Rs. 4,202.60 crores during the quarter under review from Rs 3,759.24 crore in corresponding quarter of the previous fiscal year.
As per National Housing Bank (NHB) norms, gross non-performing assets (NPAs) for the company stood at 1.20 per cent as on September 30, 2018. Gross NPAs in the individual segment was 0.81 per cent.
Vinay Sah, MD and CEO, LIC Housing Finance said, “In the second quarter of the financial year, we have seen strong disbursal growth and expect the trend to continue in future quarters.”
He added, “The company recorded a strong growth in the affordable segment both in value and volume terms and is poised to continue its growth trajectory. The company continues to enjoy a comfortable liquidity position.”
The company which is mainly engaged in the business to provide loans for purchase or construction of residential houses announced it paid the proposed dividend of Rs 6.80 per share after shareholders approved in an annual general meeting.
