LIC Housing June quarter profit up 18%
The Hindu Business Line, July 22, 2009, Page 6
Our Bureau, Mumbai
LIC Housing Finance reported an 18 per cent growth in net profit at Rs 124 crore in the first quarter of this fiscal, against Rs 105 crore in the corresponding quarter last year.
If it were not for a marginal drop in net interest margin in this quarter and a three-digit growth in net profit in the first quarter of 2008-09, the profits would have been higher, said Mr R.R Nair, Director and Chief Executive, LIC Housing Finance.
The company’s NIM was at 2.45 per cent (2.66 per cent).
“The NIM will improve as our incremental cost of funds is coming down. We hope to maintain a NIM of 2.7-2.8 per cent in this fiscal,” said Mr Nair.
The aim is to build the portfolio rather than to target good margins, he said.
Incremental cost of funds came down to 7.13 per cent (8.93 per cent).
The company's disbursals grew at 60 per cent in the June ended quarter.
The Hindu Business Line, July 22, 2009, Page 6
Our Bureau, Mumbai
LIC Housing Finance reported an 18 per cent growth in net profit at Rs 124 crore in the first quarter of this fiscal, against Rs 105 crore in the corresponding quarter last year.
If it were not for a marginal drop in net interest margin in this quarter and a three-digit growth in net profit in the first quarter of 2008-09, the profits would have been higher, said Mr R.R Nair, Director and Chief Executive, LIC Housing Finance.
The company’s NIM was at 2.45 per cent (2.66 per cent).
“The NIM will improve as our incremental cost of funds is coming down. We hope to maintain a NIM of 2.7-2.8 per cent in this fiscal,” said Mr Nair.
The aim is to build the portfolio rather than to target good margins, he said.
Incremental cost of funds came down to 7.13 per cent (8.93 per cent).
The company's disbursals grew at 60 per cent in the June ended quarter.
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