OREANDA-NEWS. LIC Housing Finance announced its audited results for the year ended March 2014, following its approval by the Board of Directors in a meeting held in Mumbai on April 21, 2014.

The company's recorded total income for Q4 FY14 was Rs. 2478 crores as against Rs.2075 crores during the same period previous year, a growth of 19%. Revenue from operations grew 19% from Rs. 2028 crores to Rs. 2407 crores. Net Interest Income was Rs 533 cr, registering a growth of 16% over the same period last year. Profit before Tax for the quarter was Rs.521.58 cr a growth of 25% over the same period in the previous year year.

Net profit after Tax for the Q4 FY14 was Rs. 370.02 crores as compared to Rs.316.16 crores in the corresponding period previous year, thus showing a growth of 17%. Net Interest Margins for the Q4 FY14 stood at 2.40% as against 2.16% for Q3FY14.

For the year ended March 2014, the company's total income was Rs.9335 crores as against Rs. 7659 crores during the same period previous year, a growth of 22%. Revenue from operations grew 22% from Rs. 7459 crores to Rs.9073 crores. Profit before Tax for the year stood at Rs 1825.50 cr registering a growth of 33% over the previous year.

Net profit after Tax during this period was Rs.1317.19 crores as compared to Rs.1023.21 crores in the corresponding period of the previous year, a growth of 29%.

The outstanding mortgage portfolio as on March 31, 2014 was Rs. 91341 crores as against Rs. 77813 crores on March 31, 2013, thus registering a growth of 17%.Individual Loan Portfolio stood at Rs 88559 cr as on March 31, 2014 a growth of 18%.

The Gross NPAs of the company stood 0.67% on March 31, 2014 as against 0.61% as on March 31, 2013. Net NPAs were Rs 0.39% as against 0.36% for the corresponding dates. Gross NPAs in the individual loan segment stands at 0.27% as on March 31, 2014 as against 0.32% as on March 31, 2013. Net Interest Margins for the full year was 2.25% as against 2.18 % for the FY 2013.

The Board of Directors have recommended dividend of 225%, including Silver Jubilee dividend of 25 %.

LIC Housing Finance, Managing Director & CEO, Ms. Sunita Sharma, said “This was a year where the macros have been very challenging. In spite of the difficult environment we have delivered yet another year of strong performance in all the areas of operations- portfolio growth, margin expansion and continue to maintain industry best asset quality. We are stepping into our 25th year of operation and would like to make it memorable by achieving greater heights”.

LIC Housing Finance Ltd is one of the largest housing finance companies in India having one of the widest networks of offices across the country and representative offices at Dubai & Kuwait. In addition, the Company also distributes its products through branches of its subsidiary LICHFL Financial Services Ltd. LIC Housing Finance Ltd was promoted by Life Insurance Corporation in 1989 and a public issue was made in 1994. It launched its maiden GDR offering in 2004. The company enjoys the highest rating from CRISIL & CARE indicating highest safety with regard to the ability to service interest and repay principal.