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LIC Housing Finance reported 30% yoy growth in net interest income (NII) to Rs 658.86 crore for June'15 quarter. Net interest margins (NIM) for the Q1 FY16 stood at 2.41% as against 2.19% for Q1 FY15. During the quarter, the Company disbursed loans of Rs. 6124 crore as against Rs. 5560 crore for Q1FY15. With a 21% fall in other income to Rs 48.05 crore, total income stood at Rs 706.91 crore, up by 25% YoY. OP was up by 25% to Rs 625.70 crore. There was a provision of Rs 44.35 crore as compared to a provision of Rs 9.16 crore for June'14 quarter. After providing deprecation of Rs 2.33 crore, down by 5%, PBT was up by 19% to Rs 579.02 crore. After providing total tax of Rs 196.89 crore, PAT for the June'15 quarter stood at Rs 382.13 crore, up by 19% YoY.
Commenting on the performance, Ms. Sunita Sharma, MD & CEO, LIC Housing Finance said ‘The Company has delivered a sustained all-round growth. Despite a challenging environment, the Company recorded a healthy growth in loan portfolio coupled with a strong margin improvement. Asset quality continues to remain one of the best in its class with GNPAs coming down year on year. We have extended our footprints by adding 14 offices across the country. We look forward to maintaining a healthy growth with profitability in the coming quarters too.'
Net NPAs stood at 0.33% as on June 30, 2015 as against 0.49% as on June 30, 2014.
Total provision including general provision on standard loans is Rs.748 crore as on June 30, 2015 against Gross NPAs of Rs. 659 crore on the same date.
Total Gross NPAs for the company including NPAs on developer loans was Rs. 659 crore or 0.60% as on June 30, 2015 as against Rs. 753 crore or 0.80% as on June 30, 2014. Gross NPAs in individual segment 0.36% as on June 30, 2015 as against 0.40% as on June 30, 2014.
The outstanding mortgage portfolio as on June 30, 2015 was Rs.110411 crore as against Rs.93609 crore on June 30, 2014, thus registering a growth of 18%. The Individual loan portfolio stood at Rs. 107704 crore as against Rs. 91058 crore, a growth of 18%. Developer loan portfolio stood at Rs.2708 crore as on June 30, 2015 as against Rs. 2551 crore as on June 30, 2014.
As on June'15, the BV of the company stands at Rs 162.50 and Adjusted BV stands at Rs 153.40.
Annual Financial Performance
For the year ended March 2015, LIC Housing Finance reported 16% increase in interest earned on a standalone basis at Rs 10546.68 crore, while the interest expenses also increased by 16% to Rs 8310.25 crore. Net Interest Income of the company moved up 18% to Rs 2236.43 crore. Other income of the company was down by 4% to Rs 251.98 crore. Thus total income was up by 15% to Rs 2488.41 crore for FY2015.
The operating expenses increased by 21% to Rs 369.84 crore, resulting in operating profit being up by 14% to Rs 2118.57 crore in FY2015. Provision for Bad debts were lower at Rs 7.25 crore in FY2015, compared to Rs 21.47 crore in FY2014. Depreciation rose 23% to Rs 9.38 crore. The PBT was up by 15% to Rs 2101.94 crore for the year ended March 2015. Tax provisions including deferred tax, increased by 41% to Rs 715.75 crore, which restricted the PAT growth to 5% to Rs 1386.19 crore for March 2015.
The outstanding mortgage portfolio as on March 31, 2015 was Rs.108361 crore as against Rs. 91341 crore on March 31, 2014, thus registering a growth of 19%. Individual Loan Portfolio stood at Rs 105630 crore as on March 31, 2015 a growth of 19%.
The Gross NPAs of the company stood 0.46% on March 31, 2015 as against 0.67% as on March 31, 2014.
Net NPAs were Rs 0.22% as against 0.39% for the corresponding dates.
Gross NPAs in the individual loan segment stands at 0.24% as on March 31, 2015 as against 0.27% as on March 31, 2014
Net Interest Margins for the full year was 2.24%.
As on Mar'15, the BV of the company stands at Rs 154.94 and Adjusted BV stands at Rs 148.12
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