LIC Housing Finance Q2 net profit rises by 30.11 pc to Rs 75.93 cr

Mumbai, Oct 27 (UNI) LIC Housing Finance announced its unaudited results for the second quarter ended September 2006, following its approval by the Board of Directors in a meeting held here on October 27, 2006, a release issued here said.

The Company recorded a Net profit of Rs 75.93 crore for the second quarter of the financial year as compared to Rs 58.36 crore in the corresponding period last year, thus showing a growth of 30.11 per cent. The Company's total Income for the second quarter ended September 2006 was Rs 384.31 crore as against Rs 310.22 crore during the same period last year, a growth of 23.88 per cent.

During the second quarter ended September 2006, the Company sanctioned Rs 1,341 crore and disbursed Rs 1,172 crore. For the half year ended September 2006 the Company sanctioned Rs 2,410 crore and disbursed Rs 2,262 crore. For the half year ended September 2006, the Company's total Income was Rs 724.46 crore as against Rs 596.39 crore during the same period last year, the release added.

LIC Housing Finance Director and Chief Executive S K Mitter said during the second quarter, the Company was able to improve its margins significantly, and also maintain the asset growth. With the industry continuing to grow strongly, the Company is poised to improve upon its performance further.

LIC Housing Finance Ltd is one of the largest housing finance companies in India having one of the widest marketing networks of 115 offices across the country and a representative office in the UAE at Dubai. It 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 AAA rating from CRISIL indicating highest safety with regard to the ability to service interest and repay capital, the release added.

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