LIC Housing Finance Q3 net rises 38% on loan growth
17 Jan 2014 12:11 AM GMT
Net profit of the company, a subsidiary of state-run insurance behemoth LIC, was at Rs 236.25 crore during the same period of previous fiscal.
Income from operations increased by 21 per cent to Rs 2,343 crore during the October-December period as against Rs 1,935 crore a year ago period.
‘Despite a challenging environment, we have performed reasonably well in the third quarter. We are confident of maintaining the same trend for the fourth quarter of this fiscal,’ managing director and chief executive Officer of LIC Housing Finance, Sunita Sharma, told reporters here.
During Q3, net interest income rose 24 per cent to Rs 458 crore as against Rs 370 crore posted in the same period of previous fiscal. Similarly, net interest margin (NIM) improved to 2.16 per cent from 2.09 per cent reported a year earlier.
‘Our cost of fund stood around 9.6-9.7 per cent in Q3, which is lower than beginning of the year. Going ahead, cost of funds will depend on the RBI policy measures. However, we hope our NIM will improve in the coming quarters,’ she said.
Income from operations increased by 21 per cent to Rs 2,343 crore during the October-December period as against Rs 1,935 crore a year ago period.
‘Despite a challenging environment, we have performed reasonably well in the third quarter. We are confident of maintaining the same trend for the fourth quarter of this fiscal,’ managing director and chief executive Officer of LIC Housing Finance, Sunita Sharma, told reporters here.
During Q3, net interest income rose 24 per cent to Rs 458 crore as against Rs 370 crore posted in the same period of previous fiscal. Similarly, net interest margin (NIM) improved to 2.16 per cent from 2.09 per cent reported a year earlier.
‘Our cost of fund stood around 9.6-9.7 per cent in Q3, which is lower than beginning of the year. Going ahead, cost of funds will depend on the RBI policy measures. However, we hope our NIM will improve in the coming quarters,’ she said.
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