For the quarter ended March 2012 LIC Housing Finance reported 26% increase in interest earned on a standalone basis at Rs 1628.02 crore while the Interest expended increased by 44% to Rs 1257.25 crore taking the Net Interest Income of the company down by 12% to Rs 370.77 crore mostly inline with estimates. Other income of the company fell 38% to Rs 61.01 crore resulting in a 17% decline in net total income to Rs 431.78 crore. The operating expenses increased by 22% to Rs 83.41 crore, the operating profit fell by 23% to Rs 348.37 crore. The company wrote off Bad debts of Rs 2.39 crore compared to provision of bad debts of Rs 18.85 crore. Depreciation increased 20% to Rs 1.97 crore. The PBT stood at Rs 348.79 crore, down by 19%. Tax provisions fell 17% to Rs 95.19 crore. The net profit for the period fell 19% to Rs 253.60 crore on a y-o-y basis
During Q4'FY12 in the individual loan category, the company disbursed loans totaling Rs 6345 crore, as compared to Rs 5216 crore in Q4FY'11, a growth of 22%. Loan disbursements to developers were Rs 274 crore as against Rs 333 crore over the same period
Net Interest Margins for the Q4'FY12 stood at 2.44% as against 2.27% for Q3'FY12
LIC Housing Finance, Director & Chief Executive, Mr. V. K. Sharma, said The year was extremely challenging and the business environment was unrelenting. It gives us great satisfaction to note that we have been able to deliver on all the business metrics in an exceptionally difficult year, more so on account of the fact that NIMs have started showing some signs of improvement in Q4. Over the past several years, we have built up a track record of delivering consistently, especially in tough circumstances and that gives us the confidence to further improve upon our performances in FY 2013
Pursuant to the NHB Circulars dated 5th August 2011 and 19th January 2012 on provisioning norms, the company had undertaken review of its provisioning policy on loans and inter-alia reassessed the identification, classification & provisioning on the loans for the current financial year. Based on this, the company has aligned its provisioning policy with the extant guidelines and resultantly reversed excess provision over the NHB norms. Had the provisioning policy of the preceding year been continued, the profit before tax for the year ended 31st March 2012 would have been lower by Rs 117.04 crore
During the year ended March 31, 2012 the company has issued and allotted 3,00,00,000 equity shares of face value of Rs .2/- at a premium of Rs.268/- per share aggregating to Rs 810 crore (previous year ` Nil) to Promoter (LIC of India) on Preferential basis. The said issue was made under Chapter VIII of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009.
For year ended March 2012, LIC Housing Finance reported 34% increase in interest earned on a standalone basis at Rs 5982.69 crore while the Interest expended increased by 48% to Rs 4591.07 crore taking the Net Interest Income of the company rise by 1% to Rs 1391.62 crore. Other income of the company fell 42% to Rs 232.43 crore resulting in a 8% decline in net total income to Rs 1624.05 crore. The operating expenses increased by 9% to Rs 229.67 crore, the operating profit remained flat at Rs 1394.38 crore. Provision for Bad debts fell 40% to Rs 156.05 crore. Depreciation increased 19% to Rs 7.42 crore. The PBT stood at Rs 1230.91 crore, down by 5%. Tax provisions fell 1% to Rs 316.72 crore. The net profit for the period fell 6% to Rs 914.20 crore on a y-o-y basis.
During the FY'12 in the individual loan category, the company disbursed loans totaling Rs 19118 crore, as compared to Rs 16268 crore in the FY'11, a growth of 18%. Loan disbursements to developers during the year were Rs 910 crore against Rs 2400 crore for the previous year.
The Outstanding Mortgage Portfolio as on March 31, 2012 was Rs. 63080 crore as against Rs. 51090 crore on March 31, 2011, thus registering a growth of 23%. Individual Loan Portfolio stood at Rs. 59895 crore, a growth of 28% over the previous year.
The Gross NPAs of the company stood at Rs 265 crore or 0.42% on March 31, 2012 as against Rs 242 crore or 0.47% as on March 31, 2011.
Total provisions including provisions on standard assets, provisions for teaser loans and provisions for NPAs as per NHB norms revised during the year stood at Rs. 645 crore. (Previous year Rs 484 crore)
The Net Interest Margins for the whole year stood at 2.44% as against 3.08% for the previous year.
The Board of Directors have recommended dividend of 180%.
The promoter's stake in the company has increased to 40.31% in the quarter ended March 2012 compared to 36.54% in the previous quarter. None of the shares are being pledged.
Book value of the company stood at Rs 113.1 at the end of March 2012 quarter.
The scrip is hovering at Rs 256.25 on BSE.
LIC Housing Finance: Standalone Results
LIC Housing Finance: Consolidated Results