New Delhi, Aug 24, 2018: The Board of Directors of LIC Housing Finance announced its un-audited results for the first quarter ended on June 30, 2018 following its approval by the Board of Directors in a meeting held in Mumbai on August 24, 2018.
As per the notifications issued by the Ministry of Corporate Affairs and National Housing Bank, the Company has adopted Indian Accounting Standards i.e. IndAS from 1st April 2018 and all financials are stated in accordance with the same.
Performance highlights at a glance
(Figures in Rs crores)
June 30, 2018
|Quarter ended June 30, 2017||Variation|
|Revenue from operations||4019||3627||11%|
|Total income incl other income||4051||3648||11%|
|Net Interest margins||2.34%||2.52%|
|Profit before tax||788.40||654.59||20%|
|Net Profit after tax||567.94||479.65||18%|
|Outstanding Loan Portfolio||168652||147051||15%|
Performance highlights for the quarter ended June 30, 2018:
In the quarter ended June 30, 2018, total disbursements were Rs 9594 crores as against Rs 8699 crores for the corresponding period in the previous year registering a growth of 10%. Out of that, disbursements in the individual home loan segment was Rs 7260 cr against Rs 6674 crores, whereas total disbursements in project loans was Rs 889 crores as against Rs 413 crores for quarter ended June 30, 2017.
The company’s total income for quarter ended June 30, 2018 was Rs 4051 crores as against Rs.3648 crores during the same period previous year, marking a growth of 11%. Revenue from operations grew 11% from Rs. 3627 crores to Rs. 4019 crores.
Net Interest Income was Rs 980.03 cr, as against Rs 919.37 cr for the same period in the previous year.
Profit before Tax for the quarter was Rs. 788.40 crores as against Rs. 654.59 crores for the same period in the previous year, registering a growth of 20%.
Net profit after tax stood at Rs. 567.94 crores as compared to Rs. 479.65 crores during the same period previous year.
The total loan portfolio stood at Rs 168652 cr as against Rs 147051 cr a growth of 15%. The Individual loan portfolio stood at Rs 160265 crores as against Rs 141440 crores, showcasing a growth of 13%. Developer loan portfolio stood at Rs 8387 crores as on June 30, 2018 as against Rs 5611 crores as on June 30, 2017.
Net Interest margins for Q1 ended June 30, 2017 stood at 2.34% as against 2.52% during the same period previous year.
Under Indian Accounting Standards norms, asset classification and provisioning changes from the rule- based model to the Expected Credit Loss (ECL) model of providing for expected future credit losses based on Exposure at Default (EAD). The loan loss provisions are computed based on the Company’s loss rates experienced in the past and future expected credit loss after accounting in various parameters.
As per the same methodology, the provisions for ECL stood at Rs 160.75 cr for the quarter as against Rs 203.97 cr for the corresponding quarter in the previous year.
As per NHB norms total gross NPAs for the company stood at Rs. 2036 cr, or 1.21% as on June 30, 2018. Gross NPAs in individual segment was 0.81% as on June 30, 2018.
Speaking on the performance, Mr. Vinay Sah, MD & CEO, LIC Housing Finance said, “In the first quarter of the financial year, the Company opened 24 new Marketing Offices to further strengthen its distribution reach. The Company recorded a strong growth in the affordable segment both in value & volume terms and is poised to continue on its growth trajectory.”