Other income was higher by 50% to Rs 32 crore, which helped the total income to Rs 1026.02 crore, up by 8% on YoY. Operating Expense was down by 17% to Rs 74.4 crore which lead OP growth of 11% to Rs 951.78 crore.

There was a provision of Rs 160.75 crore as compared to a provision of Rs 203.97 crore for June 17 quarter. After providing deprecation of Rs 2.63 crore, PBT was up by 20% to Rs 788.40 crore. After providing total tax of Rs 220.46 crore, PAT for the June 18 quarter stood at Rs 567.94 crore, up by 18% YoY.

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."

Other updates

Of the total interest income for June 18 quarter, Interest income from Individual loans grew by 8% to Rs 3723 crore while interest income from Project loans grew by 61% to Rs 282 crore.

In June 18 quarter, total disbursements stood at Rs 9594 crore as against Rs 8699 crore 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 crore against Rs 6674 crore, whereas total disbursements in project loans was Rs 889 crore as against Rs 413 crore for quarter ended June 30, 2017.

The total loan portfolio stood at Rs 168652 crore as against Rs 147051 crore a growth of 15%. The Individual loan portfolio stood at Rs 160265 crore as against Rs 141440 crore, showcasing a growth of 13. Developer loan portfolio stood at Rs 8387 crore as on June 30, 2018 as against Rs 5611 crore 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 crore for the June 18 quarter as against Rs 203.97 crore for the corresponding quarter in the previous year down by 21% YoY.

As per NHB norms total gross NPAs for the company stood at Rs. 2036 crore, or 1.21% as on June 30, 2018. Gross NPAs in individual segment was 0.81% as on June 30, 2018.

Performance for 12 months ended Mar 18

LIC Housing Finance reported 2% YoY growth in net interest income (NII) to Rs 3835.01 crore for 12 months ended Mar 18.

Net interest margins (NIM) for 12 months ended Mar 18 stood at 2.38% as against 2.7 % for the corresponding period

Other income was higher by 21% to Rs 113.25 crore, thus helping the total income to Rs 3948.26 crore, up by 3% YoY. Operating Expense was up by 6% to Rs 637.53 crore. The growth in OP thus was at 2% to Rs 3310.73 crore.

There was a provision of Rs 238.87 crore as compared to a provision of Rs 281.32 crore for 12 months ended Mar 17. After providing deprecation of Rs 9.98 crore, PBT was up by 4% to Rs 3061.88 crore. After providing total tax of Rs 1072.28 crore, PAT for the 12 months ended Mar 18 stood at Rs 1989.60 crore, up by 3% YoY.

Other updates

During the year ended March 31, 2018, the total disbursements for the company stood at Rs 49378 crore as against Rs 41541 crore for the same period of the previous year, registering a growth of 19%. During the period, disbursements in the individual home loan category was Rs 35344 crore against Rs 29337 crore, a growth of 20%.

Net Interest Margins for the year ended March 2018 was 2.38% as against 2.70% for FY 2017.