LIC Housing posts two fold net profit increase in Q4

Mumbai, May 14, (UNI) LIC Housing Finance has registered two fold net profit increase in Q4 ended March 31, 2007 and announced a final dividend of 30 per cent on equity shares in addition to interim dividend of 50 per cent.

The company posted net profit increase by 115 per cent at Rs.89.14 crore against Rs.41.38 crore in the corresponding quarter last fiscal. The total Income for the fourth quarter was Rs.454 crore as against Rs.354 crore during the same period last year.

The Company sanctioned Rs 2479 crore and disbursed Rs 1755 crore, registering a growth of 72 per cent and 23 per cent respectively.

In the financial year 2006-07, the company sanctioned Rs.

6105 crore and disbursed Rs 5121 crore, a growth of 19 and 5 per cent respectively and net profit increase was 34 per cent for the same period.

The gross NPAs of the Company stood at 2.58 per cent as against 3.41 per cent and net NPAs were 1.26 per cent as against 1.80, for the corresponding period in the previous year.

Speaking to mediapersons, the Director and CE, Mr S K Mitter said ''The Company has been able to reduce NPAs significantly both in terms of Gross and Net. Margins have been also been steady for most part of the year.'' In the current year, the company has taken up several initiatives in the areas of marketing and resource mobilization, which will enable further to increase the market share as well as profitability, said Mr Mitter.

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