Other income was lower by 36% to Rs 25.06 crore, which restricted the total income to Rs 1109.33 crore, up by 38% on YoY. Operating Expense was up by 199% to Rs 246.49 crore which lead OP growth of 20% to Rs 862.84 crore. After providing deprecation of Rs 2.93 crore, PBT was up by 20% to Rs 859.91 crore. After providing total tax of Rs 263.28 crore, PAT for the Dec 18 quarter stood at Rs 596.63 crore, up by 26% YoY.

Speaking on the Q3 FY19 performance, MD & CEO, LIC Housing Finance, Mr. Vinay Sah said, "We have registered stable numbers across all areas of business in Q3 FY19 which has been in a challenging and turbulent environment. We look forward to maintaining this growth journey with a focus on healthy asset quality, cost improvement and better market presence across India. We expect the momentum to continue in the Q4 to give us a good overall performance in the financial year 2018-19."

Other updates

Total disbursement during the quarter Rs. 12778 crs as against Rs. 12293 crs for the same period in previous year. During the quarter, disbursements in the individual home loan category was Rs. 9170 crore as compared to Rs 8935 crore. The disbursements in developer loan segment was Rs 1238 crore as against Rs 970 crore for Q3 FY18, a growth of 28%.

Net interest margins (NIM) for nine months ended December 31, 2018 stood at 2.35% as against 2.25% for the corresponding period ended December 31, 2017

The Individual loan portfolio stood at Rs 170334 crore as against Rs 149986 crore, a growth of 14%. Developer loan portfolio stood at Rs 11365 crore as on December 31, 2018 as against Rs 6189 crore as on December 31, 2017, a growth of 84%. Total outstanding portfolio grew at 16% from Rs. 156176 crs to Rs. 181698 crs.

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 were a reversal (write back) of Rs. 3.14 Cr for the quarter as against a reversal of Rs.20.45 Cr for the corresponding quarter in the previous year.

As per NHB norms total Gross NPAs for the company including NPAs on developer loans was 1.26% as on December 31, 2018 as against 0.87 % as on December 31, 2017. Gross NPAs in individual segment was 0.93 % as on December 31, 2018.

Net NPAs stood at 0.85% as on December 31, 2018 as against 0.49 % as on December 31, 2017.

Total provision including general provision on standard loans is Rs 1491 crore as on December 31, 2018 against Gross NPAs of Rs 2290 crore on the same date.

Net interest margins for the Q3 FY19 stood at 2.33% as against 2.35% for Q2 FY19.

Performance for 9 months ended Dec 18

LIC Housing Finance reported 22% YoY growth in net interest income (NII) to Rs 3142.05 crore for 9 months ended Dec 18.

Other income was lower by 9% to Rs 71.10 crore, thus leading the total income to Rs 3213.15 crore, up by 21% YoY. Operating Expense was up by 16% to Rs 811.28 crore. The growth in OP thus was at 22% to Rs 2393.32 crore. After providing deprecation of Rs 8.55 crore, PBT was up by 23% to Rs 2393.32 crore. After providing total tax of Rs 655.92 crore, PAT for the 9 months ended Dec 18 stood at Rs 1737.40 crore, up by 23% YoY.