GIC Housing Finance Q4 net profit surges 24% to Rs 47 crore

New Delhi: GIC Housing Finance has reported a 24.4 percent increase in net profit at Rs 46.61 crore for the fourth quarter ended March 31.

The company had reported net profit of Rs 35.87 crore for the same period of 2015-16.

Total income during the quarter rose to Rs 266.63 crore as against Rs 233.48 crore in the same quarter of preceding fiscal 2015-16, the company said in a regulatory filing.

For full fiscal 2016-17, GIC Housing Finance reported an increase of 18.7 per cent to Rs 147.73 crore, from Rs 124.50 crore a year earlier.

Total income during the fiscal rose to Rs 1,001.74 crore compared to Rs 876.37 crore.

Gross assets of the company at the end of March 2017 was at Rs 9,404.49 crore, as against Rs 8,021.38 crore a year ago.

The board of directors of the company has recommended a dividend of Rs 5 per share for 2016-17.

The company's main business is to provide loans for purchase or construction of residential units.

Shares of GIC Housing Finance closed 2.49 per cent down at Rs 505.70 on BSE today.