1QFY2012 Result Review -LIC Housing Finance :: Angel Broking,

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LIC Housing Finance
For 1QFY2012, LIC Housing Finance’s (LICHF’s) net profit grew by 21.6% yoy (down
18.5% qoq) to `257cr. LICHF’s loan book grew strongly by 32.1% yoy (3.5% qoq) to
`52,876cr; however, disbursements growth was muted at 4.5% yoy (35.6% in 1QFY11).
Individual loan disbursements increased by 14.9% yoy, while project loan disbursements,
which are relatively higher yielding, declined by 79.4% yoy.
LICHF’s asset quality continued to be stable during 1QFY2012, with gross NPA ratio
declining by 6bp yoy to 0.84% and net NPA ratio remaining constant at 0.35%. Calculated
provision to coverage ratio for 1QFY2012 stood at 58.3% as compared to 62.0% in
1QFY2011. LICHF’s NII increased by 24.2% yoy (60.1% yoy growth in 1QFY2011);
however, the pace in growth slowed considerably compared to the previous quarters.
Reported NIM for 1QFY2012 stood at 2.8% as against 3.1% in 1QFY2011. Currently, the
stock is under review.