The Q1 results for the fiscal year 2010-11 have been profitable for LIC housing finance. The company has reported 51% increase in its loan approvals valued at Rs 5,348 crore and a 41% rise in loan disbursments worth Rs 3,392 crore.
RR Nair, director and CEO of LIC Housing Finance said, “About 60% of the loans were for purchase of new homes and about 25% for existing homes”.
With increasing real estate sector prices in Delhi and Mumbai, Nair said that he anticipates the prices to steady in this sector.
The company’s unpaid mortgage portfolio as of June 30, 2010 was Rs 40,030 crore as compared to Rs 29,254 crore as of June 30, 2009, thus marking a rise of 37%.
The gross and net NPAs of the company were 0.92% and 0.35% respectively by the end of Q1 as against 1.51 % and 0.65 % for the same period a year ago.
The company has reported a 71% rise in net profit for the Q1 of this fiscal worth Rs 212.02 crore as against Rs 123.84 crore for the quarter ended June 2009.