LIC Housing Finance Ltd
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BSE Code:
500253
NSE Code:
LICHSGFIN
Business Profile
Business Profile
Promoted by LIC and incorporated in 1989, LIC Housing Finance (LICHSGFIN), is provider of housing loans to individuals, builders and development authorities. The company also lends to corporate bodies and companies under different schemes for purchase/construction of office premises for their own use. The company has also started various schemes for NRIs. It has six regional offices and 115 area offices backed by a chain of camp offices nationwide. It also has an offshore office in Dubai to cater to NRI needs in the whole of the Middle East.
The company has floated a 100% subsidiary LICHF Care Homes to conduct the business of providing Assisted Living Community Centers for senior citizens. The company is also in the process of identifying land to set up dwelling units for senior citizens in places such as Kerala, Orissa and West Bengal. In recent years, the company has been facing competition from the commercial banks in the mortgage segment.
Financials
LIC Housing Finance registered a 24.67% growth in net profit to Rs 467 million in the quarter ended June 2007 from a profit of Rs 374.6 million for the quarter ended June 2006.
Interest Income was Rs 4,529.1 million for the quarter ended June 2007
The total income jumped 36.27% to Rs 4,635.3 million in the quarter ended June 2007 from Rs 3,401.5 million in the quarter ended June 2006.
The earnings per share (EPS) of the company stood at Rs 5.5 in the quarter ended June 2007.
Recent Developments
25-APR-08
Life Insurance Corporation of India has raised its stake in a leading lender IDBI to over 10% for Rs 1.63 billion,
12-MAR-08
Life Insurance Corporation Housing Finance (LICHF) is set to launch a new venture capital fund for realty projects.
14-AUG-07
The shareholders authorized the board to increase the authorized share capital of the company from Rs 1,000,000,000 divided into 100,000,000 equity shares of Rs 10 each to Rs 1,500,000,000 divided into 150,000,000 equity shares Rs 10 each.