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LIC Housing Finance, a subsidiary of Life Insurance Corporation of India (LIC), has reported a 5.4 per cent increase in net profit at Rs 344.3 crore at the end of the December 2014 quarter.
The company had posted net profit of Rs 326.6 crore in the year-ago quarter. Net interest income increased 20 per cent from Rs 458 crore in the December 2013 quarter to Rs 549 crore in the quarter under review.
Other operating income rose to Rs 32.4 crore from Rs 30.7 crore.
Sunita Sharma, managing director, said: “LIC HFL’s business performance has witnessed a healthy growth and has crossed Rs 1 lakh crore in loan books.”
The mortgage portfolio grew 18 per cent and was Rs 1,01,944 crore at the end of December against Rs 86,422 crore in the same period in 2013. Individual loan portfolio grew 19 per cent, whereas the developer loan portfolio remained flat.
During the quarter, LIC HFL provided ~34 crore as deferred tax liability on special reserves according to regulatory needs.
