LICHFL to launch new financial arm

LICHFL to launch new financial armLIC Housing Finance (LICHFL) is planning to launch its new financial arm in the current quarter. The decision is aimed to strengthen its distribution network across the country. The company would start its new financial arm, headquartered at Bombay and expand its network across country at later stage.

The Director and Chief Executive of LICHFL, R R Nair said, "We are launching our financial services subsidiary called LIC Housing Finance Financial Services which will help us improve our disbursement of loans and other financial products, during the quarter."

LIC Housing Finance currently provides funds through agents at around 7,000 marketing outlets. The state owned company reported a net profit of Rs 134.33 crore for the third quarter of current financial year by posting a growth of 27%. Its total income increased to Rs 767-crore during the period as compared to Rs 550-crore in the same period last year.

LICHFL CEO said, "The third-quarter was most difficult and challenging but we have outperformed the industry. The improvement in profitability and asset quality helped us in the period."

Mr. Nair expressed hope for more improvement in financial results for fourth quarter.