HT Bureau
GUWAHATI, May 18, The Board of Directors of LIC Housing Finance Ltd (BSE:500253;NSE:LICHSGFIN) announced its standalone audited results for the fourth quarter ended on March 31,2024, following its approval by the Board of Directors in a meeting held in Mumbai on May,15, 2024.
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Total disbursements were at Rs 18232 crs in Q4 FY2024, as against Rs 16027crs for the corresponding period in FY2023, up by 14%. Out of this, disbursements in the Individual Home Loan segment were at Rs. 14300 crs against Rs 12406 crs in Q4 FY2023, up by 15%, whereas Project loans were at Rs. 1501crs compared with Rs1554crs in Q4FY2023. The company’s revenue from operations grew to Rs.6936.41crs as against Rs.6415.11 crs in Q4FY2023, a growth of 8%. Net Interest Income (NII) rose by 12% to Rs 2237.60crs, as against Rs 1990.30 crs for the same period the previous year. Net Interest Margin (NIM) for the quarter stood at 3.15% as against 2.93 % for Q4FY2023. Profit Before Tax for the quarter was Rs.1476.18crs as against Rs1444.78crs in Q4FY2023, a growth of 2%. Net Profit After Tax stood at Rs. 1090.82 crs compared with Rs 1180.28 crs during the same period in the previous year. The Individual Home Loan portfolio stood at Rs.244205Cr as on March 31, 2024, as against Rs. 228730 cr as on March 31, 2023, up by 7%. The Project loan portfolio stood at Rs. 8036 crs as on March 31, 2024, as against Rs 11738crs as on March 31, 2023. The total outstanding portfolio grew at 4% to Rs.286844crs rom Rs 275047 crs in the earlier year.
Speaking on the performance, Tribhuwan Adhikari, managing director & chief executive officer of LIC Housing Finance Limited said, “We have seen a healthy uptick across all home loan segments, especially during the latter half of the year. Our focus on reduction in NPA and control over cost of funds have enabled us to close the year with a record high margins and profits. In the coming year, we are confident of further improvement in all areas of operations.” It can be optly mentioned that LIC Housing Finance Ltd. is the largest housing finance company in India. It has one of the widest networks of offices across the country and representative office in Dubai. In addition, the Company also distributes its products through branches of its subsidiary LIC HFL Financial Services Ltd. LIC Housing Finance Ltd was promoted by Life Insurance Corporation in 1989 and a public issue was made in 1994. It launched its maiden GDR offering in 2004. The company enjoys the highest rating from CRISIL & CARE indicating the highest safety regarding the ability to service interest and repay principal.
