Q4 Results Update: LIC Housing Finance. LIC Housing Finance has reported good results for the Q4 FY09 quarter. Mortgaged loans and disbursements for FY09 grew by 26% yoy and 22% yoy respectively, disbursement for Q4FY09 grew by 21% yoy. NII for Q4FY09 stands higher by 34% yoy, the better than expected growth is attributable to improved margins and enhanced mortgage loan growth. Net profit grew by 33% yoy during Q4FY09 in light of higher processing fee contribution and lower than expected NPL provisions. Higher growth in net profit during FY09 is mainly on the back of improved margins coupled with healthy mortgage loan growth. Improved recoveries and non-fund based income (from short term fund management activity) also supported the net profit growth. The stock has historically traded at around 1x its adjusted book value, following concern over its asset quality. Management's cautious effort to check slippages has resulted into healthy asset quality. The superior return ratios Ro
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