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For Standalone Mar'14 quarter, LIC Housing Finance continued its strong performance with Interest income up by 19% and NII up by 16% YoY. The outstanding loan portfolio as on Mar'14 stood at Rs 91341 crore, growth of 17% YoY. Individual loan book stood at Rs 88559 crore, growth of 18% YoY. Higher other income, up by 51% and lower operating expenditure up by 11%, resulted in OP being up by 21%. There was a provision written back of Rs 22.25 crore as compared to a provision written back of Rs 3.49 crore for Mar'13 quarter, which further increased PBT by 25%. After providing total tax, up by 51%, PAT for Standalone Mar'14 quarter was up by 17% YoY.
LIC Housing Finance, Managing Director & CEO, Ms. Sunita Sharma, said "This was a year where the macros have been very challenging. In spite of the difficult environment we have delivered yet another year of strong performance in all the areas of operations- portfolio growth, margin expansion and continue to maintain industry best asset quality. We are stepping into our 25th year of operation and would like to make it memorable by achieving greater heights".
Standalone quarterly performance for the quarter ended March 2014
For the quarter ended Mar'14, on standalone basis, Interest income for the company was up by 19% to Rs 2407.41 crore. Interest expense also was up by 20% to Rs 1874.29 crore, resulting in a 16% increase in NII to Rs 533.12 crore. Net Interest Margins stood at 2.4% as on Mar 2014 as against 2.16% for the quarter ended March 2013. Other income was up by 51% to Rs 70.54 crore. Operating expenditure was up by 11% to Rs 102.48 crore and depreciation was down by about 6% to Rs 1.85 crore. There was a provision written back of Rs 22.25 crore as compared to a provision write back of Rs 3.49 crore for Mar'13 quarter, which further increased PBT by 25% to Rs 521.68 crore. After providing total tax of Rs 151.56 crore, up by 51%, PAT for Mar'14 quarter stood at Rs 370.02 crore, up by 17% YoY.
Annual Financial Performance:
For the year ended March 2014, LIC Housing Finance reported 22% increase in interest earned on a standalone basis at Rs 9073.34 crore while the Interest expended increased by 21% to Rs 7174.44 crore. Net Interest Income of the company moved up 24% to Rs 1898.9 crore. Other income of the company was up by 31% to Rs 261.33 crore, resulting net total income growth of 25% at Rs 2160.23 crore for FY2014. The operating expenses increased 11% to Rs 305.63 crore, causing operating profit to grow by 27% to Rs 1854.6 crore. The Provision for bad debts stood at Rs 21.47 crore, down by 73% YoY. Depreciation rose 1% to Rs 7.63 crore. The PBT stood at Rs 1825.50 crore, up 33% for the year ended March 2014. Tax provisions increased 45% to Rs 508.32 crore. The net profit moved up 29% to Rs 1317.18 crore, on a YoY basis, in FY2014.
The outstanding loan portfolio as on Mar'14 stood at Rs 91341 crore, growth of 17% YoY. Individual loan book stood at Rs 88559 crore, growth of 18% YoY.
The Gross NPAs of the company stood 0.67% on March 31, 2014 as against 0.61% as on March 31, 2013. Net NPAs were Rs 0.39% as against 0.36% for same period last year. Gross NPAs in the individual loan segment stands at 0.27% as on March 31, 2014 as against 0.32% as on March 31, 2013.
Net Interest Margins for the full year ended March 2014 was 2.25% as against 2.18 % for the FY 2013.
Book Value as on 31st March'14 stood at Rs 150. Adjusted Book Value as on 31st Mar'14 stood at Rs 143.
The Board of Directors have recommended dividend of 225%, including Silver Jubilee dividend of 25 %. So dividend per share comes to Rs 4.5 per share (including Rs 0.5 silver jubilee dividend).
The Promoters hold 40.31% stake in the company and their holding remain unchanged compared to Dec'13 quarter. None of these shares are pledged.
The share price trades at Rs 273.
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