Q4 FY2024 Loan Disbursements Surge to Rs. 18232 Cr, Up by 14%
Jaipur, June 10, 2024: The Board of Directors of LIC Housing Finance Ltd. (BSE:500253; NSE: LICHSGFIN) announced its standalone audited results for the fourth quarter ended on March 31, 2024, following its approval by the Board of Directors in a meeting held in Mumbai on May 15, 2024.
Executive Summary – Q4 FY24 / FY24
Profit After Tax: For the year stood at Rs. 4765.41 Cr, up by 65%.
Q4 FY24 Loan Disbursements: Rs. 18232 Cr against Rs. 16027 Cr, up by 14%.
Individual Home Loan Disbursements: Rs. 14300 Cr as against Rs. 12406 Cr, up by 15%.
FY24 Total Disbursement: Rs. 58937 Cr.
Net Interest Margins: 3.15% for Q4 FY24 as against 2.93% for Q4 FY23; 3.08% for FY24 as against 2.41% for FY23.
Stage 3 EAD: Improved to 3.31% from 4.37% as on March 31, 2023.
Total ECL Provision: Rs. 6270 Cr as on March 31, 2024.
Dividend Proposal: Board proposed a dividend of 450%, i.e., Rs. 9.00 per share.
New Initiatives and Developments:
Cluster Driven Hub & Spoke Model: Implemented for faster turnaround time (TAT) in loan disbursements.
Expansion: 46 New marketing offices opened to enhance customer outreach.
New Core Loan Management System (LMS): Successfully implemented to streamline loan processing.
SAP Accounting Package: Implemented and integrated for better financial management.
Digitization for seamless customer journey from onboarding to sanctions
Awards & Achievements:
2024: “Best CSR Team of the Year and Best Use of CSR Practices in Various Sectors” at UBS Forums’ 10th Edition CSR Summit & Awards 2024.
2023: “Winner of Indian Chamber of Commerce Social Impact Awards 2023” under the “Empowering the Rural Population” category.
Geographic Presence and Operational Scale (as of 2024):
Regional Offices: 9
Back Offices: 23
Cluster Offices: 44
Area Offices: 310
Representative Office: Dubai
Coverage: More than 450 centers
Employees: 2401
Loan Portfolio: Rs. 286844 Cr
LIC Housing Finance has announced plans to double the share of its affordable home loans to around 25% of its loan book within three to four years from below 12% currently. The company aims to achieve this by increasing its focus in Tier 2 and Tier 3 cities and leverage its network of Offices and Marketing Intermediaries.
Shri. Tribhuwan Adhikari, Managing Director & Chief Executive Officer of LIC Housing Finance Limited, said, “We have seen a healthy uptick across all home loan segments, especially during the latter half of the year. Our focus on reducing NPA and controlling the cost of funds has enabled us to close the year with record high margins and profits. In the coming year, we are confident of further improvement in all areas of operations.”
Housing Demand and Initiatives in Rajasthan:
Rajasthan is an important state for LIC Housing Finance Ltd. The Company has a network of 13 marketing offices catering to various geographies.
LICHFL’s share of individual home loans in the state is around 8%. During FY24, the Company disbursed Rs. 2670 crores in the state of Rajasthan. and has been growing per annum with a CAGR of around 7%.
The outstanding loan book is Rs. 10,754 cr We are addressing this growing housing demand by providing tailored home loan solutions to individuals and families. we are poised to grow by 12 to 15% in the FY25 year.
The company has launched several initiatives aimed at promoting affordable housing and supporting homebuyers through competitive interest rates and flexible loan terms. Additionally, LIC HFL is working to partnering with local builders to facilitate the construction of projects. These efforts are part of LIC HFL’s broader mission to contribute to the economic and social development of the region by making homeownership accessible and sustainable for the residents of Rajasthan.
