Mortgage lender LIC Housing Finance today reported a 22 per cent growth in its third-quarter net profit at Rs 419 crore on improvement in margins and stable asset quality.
The company had reported a profit after tax of Rs 344.35 crore in the December-quarter last fiscal.
"Our continued focus on growth with profitability has resulted in improvement in margins. We have grown our loan book at a decent pace and improved on asset quality as well," the company's Managing Director and CEO Sunita Sharma said.
Net interest margin improved to 2.58 per cent from 2.20 per cent in the same period last fiscal.
Total income grew 15 per cent to Rs 3,157 crore as against Rs 2,736 crore earlier.
Gross NPAs, including NPAs on developer loans, was 0.58 per cent in the quarter as against 0.57 per cent last year.
Gross NPAs in individual segment stood at 0.32 per cent as against 0.33 per cent earlier.
Net NPAs stood at 0.32 per cent as against 0.31 per cent.
In the individual loan segment, the company disbursed loans of Rs 8,067 crore, up 12 per cent, as against Rs 7,184 crore last year.
The outstanding mortgage portfolio as on December 31 stood
At Rs 1,17,396 crore as against Rs 1,01,944 crore last fiscal, registering a growth of 15 per cent.
The individual loan portfolio stood at Rs 1,14,305 crore as against Rs 99,362 crore earlier, a growth of 15 per cent.
Developer loan portfolio stood at Rs 3,091 crore compared to Rs 2,582 crore in the same period last year.
The cost of funds in the quarter was 9.18 per cent.
In terms of borrowing mix, more than 70 per cent of the borrowing was from non convertible bonds and around 12 per cent from banks.
"We have reduced our reliance on banks to 12 per cent this quarter from 15 per cent in the last quarter. We see a further decrease of 1-2 per cent in bank borrowing," Sharma said.
In the first nine months of the fiscal, the company raised around Rs 30,000 crore through bonds and plans to raise Rs 10,000 crore more in the last quarter, she said.
