LIC Housing Finance Q4 net profit up 18% at Rs 529 crore

New Delhi: LIC Housing Finance standalone net profit rose by 18.1 per cent to Rs 529.19 crore in the fourth quarter of last fiscal ended March 31.

The company's net profit in the January-March period of the previous fiscal, 2015-16, was Rs 448.02 crore.

Its total income witnessed an increase of 11.8 per cent to Rs 3,661.86 crore as against Rs 3,273.94 crore a year ago, LIC Housing said in a regulatory filing.

There was over two-fold jump in its provision and write off at Rs 89.29 crore during the March quarter of 2016-17, from Rs 37.63 crore in the year-ago period.

There was a decline in its assets to Rs 1,50,900.56 crore as at the end of March 2017, from Rs 1,50,997.20 crore a year ago.

LIC Housing Finance said its board has recommended a dividend of Rs 6.20 per equity share for 2016-17.

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

The company's stock closed 2.33 per cent up at Rs 673.10 on BSE.