LIC HOUSING FINANCE
Article Abstract:
The slump in the property sector has not affected the operations of LIC Housing Finance Ltd (LHFL). LHFL has a 22 percent share in India's housing finance sector. It plans to sanction over 40,000 individual loans aggregating Rs955 crore and disburse over 37,000 loans amounting to Rs880 crore during 1998-99. LICHFL has identified the corporate sector as a thrust area during 1998-99. It has pruned its projected exposure to the corporate sector for 1998-99 from Rs60 crore to Rs35 crore after a few corporates defaulted on repayments. The company has already sanctioned 32,500 individual loans. Its net outstanding mortgage portfolio was at Rs3,900 crore as on December 1998. For the nine months ended December 1998, LICHFL's total loan sanctions totalled Rs807.73 crore (Rs613.87 crore for the nine months ended December 1997). Total loan disbursements accounted for Rs707.94 crore (Rs557.09 crore). LICHFL has targeted a net profit of Rs95-Rs98 crore on a total income of Rs511-Rs520 crore for 1998-99. (tsm)(vr)
Publication Name: Dalal Street Journal
Subject: Business, international
ISSN:
Year: 1999
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UCO BANK - BITING THE BULLET
Article Abstract:
Public sector UCO Bank is toying with the idea of closing down 200 of the 2,000 loss-making branches. It is also planning to offer voluntary retirement scheme (VRS) to 7,000 of its employees. The management of the bank wants to fix productivity target at Rs65 lakh (in terms of loans given and deposits taken per employee). But this was rejected by the staff unions stating that the average productivity target for public sector banks is only Rs29 lakh. The unions agreed for the closing of unviable branches provided the employees are relocated. The bank has not frozen the wages of the employees. It is said it does not have the required funds to implement the VRS.(uh)(psr)
Publication Name: BusinessWorld
Subject: Business, international
ISSN:
Year: 1999
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