LICHF to expand its operations in Middle East countries

Bangalore, Jan 25 (UNI) Encourged by the success of its operations in Dubai, LIC Housing Finance is to expand its operations in Saudi Arabia, Sultanate of Oman and Quatar.

Disclosing this to newsmen here LICHF Director and Chief Executive Officer S K Mitter said that the operations in the Middle East had a portfolio of Rs 250 crores now.

Replying to questions, he said that LICHF was like any other customers to LIC. The company had not fallen back on LIC for liquidity since last three years as it was a typically a market call like any others. The borrowings only constituted 14 per cent from LIC and 38 per cent from banks, he revealed.

He said the LICHF had floated a 100 per cent subsidiary to set up the second carehome project for senior citizens after the success of the first one in Bangalore.

Giving details for the third quarter, he said the net profit during the quarter ending December 31-2006 rose from Rs 58.65 crores to Rs 76.61 crores showing a growth of 31 per cent. The total income was Rs 405 crores as against Rs 318 crores, thus registering a growth of 27 per cent, he explained.

He said the South Central region comprising Karnataka and Andhra Pradesh had sanctioned Rs 885 crores and disbursed Rs 784 crores for the 9 months from April to December. The region was first in the company constituting one fourth of business. The company had a share of seven to eight per cent of lending in the housing sector, he added.

He said the company, for the 9 months from April to December last, sanctioned Rs 3626 crores and disbursed Rs 3367 crores respectively. The net profit during this period was Rs 190 crores as comopared to Rs 167 crores in the corresponding period last year, a growth of 14 per cent.

UNI