GIC Housing Finance has reported a net profit of Rs. 19.98 crore for the fourth quarter ended March 31, 2012, against Rs.16.58 crore in the same period in the previous year. Total income stood at Rs. 119.13 crore against Rs. 91.45 crore.

For the year ended March 31, 2012, the company registered a 29 per cent growth in total income at Rs. 439.42 crore against Rs. 339.87 crore in the previous year. The net profit was Rs. 59.04 crore against Rs. 113.76 crore. The net profit in the previous year was worked out after taking into account the profit on sale of investments of Rs. 88.48 crore and making additional provision of Rs. 40 crore towards contingencies.

The directors have recommended a dividend of Rs.4.50 per share against Rs. 5.50 per share (including one-time special dividend of Re.1 per share) in the previous year.