LIC Housing net dips 19% on high operation costs | india | Hindustan Times
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LIC Housing net dips 19% on high operation costs

LIC Housing Finance on Wednesday reported a 19% year-on-year decline in the net profit at Rs. 254 crore for the quarter ended March, 2012 compared to Rs. 315 crore in the corresponding quarter last year due to higher operation costs and a decline in other income.

india Updated: Apr 25, 2012 23:12 IST
HT Correspondent

LIC Housing Finance on Wednesday reported a 19% year-on-year decline in the net profit at Rs. 254 crore for the quarter ended March, 2012 compared to Rs. 315 crore in the corresponding quarter last year due to higher operation costs and a decline in other income.

During the quarter, finance cost for the company increased by 44% to Rs. 1,257 crore from Rs. 873 crore in the same quarter previous year. Other income declined to Rs. 34 crore from Rs. 38 crore in the quarter ended March 2011.

The company disbursed loans were at Rs. 6345 crore, as compared to Rs. 5216 crore in the fourth quarter of the previous year, registering a growth of 22%.

Loan disbursements to developers were Rs. 274 crore as against Rs. 333 crore for the corresponding period of the previous year.

Net interest margins (NIM) for the quarter ended March 2012 stood at 2.4% as against 2.3% of the corresponding period a year earlier.

The total income for the fourth quarter stood at Rs. 1,689 crore as against Rs. 1,392 crore for the same period of the previous year, a growth of 21%.

The company’s income from operations witnessed 26% growth at Rs. 1,628 crore as against Rs. 1,294 crore during the corresponding period last year.