India is passing through significant positive shifts in terms of income levels, aspirations, living standards and credit awareness. Interestingly, as this side of the sector is strengthening, the government is reinforcing its focus to bridge the gap that still exists in the housing sector. The government is playing a key role in the development of affordable housing sector in India. Under its watchful eyes, the housing sector has been seeing a healthy growth, with transparency and orderliness.
To address the wide unmet housing need of millions of Indians, we offer a disciplined distribution model, product innovation, and operating flexibility. At LIC Housing Finance, we bring to this fast growing sector our deep knowledge and a service mindset directed at enriching the customer experience.
Given the positive push by the government, housing finance is being perceived as the most lucrative sector in the current times, which is elevating the competition within the sector. At LIC Housing Finance, we believe that there is scope for everyone to differentiate and only the most adaptive companies will flourish. With this thought, we plan to leverage our extensive reach in the country to connect with the customer. Digitization will be used to plug the gaps to enhance customer experience and increase operational efficiency. We will continue to focus on due diligence in line with our policy of ''''zero tolerance for non performing assets''''
The impact of this policy has been rightly reflected in the improving asset quality trends of the Company. Our stability in asset quality can be largely attributed to the conservative LTVs, focus on retail home loans, catering predominantly to a salaried class customer base with sufficient collateralized lending.
At LIC Housing Finance, we remain committed to the needs of housing. Our future priorities persist towards expanding our network and visibility to maintain our market leadership position, creating consumer friendly products to target new customer, ensuring access to low-cost and diversified sources of funds, fortifying our operating processes and risk management systems and strengthening our balance sheet to ensure financial flexibility.
It was an honor to take charge as the Chairman of LIC Housing Finance Limited from my illustrious predecessors whose contribution in the success of the Company is inspirational. During the year Mr S.K Roy and Ms Sunita Sharma have exited the Board of Directors. These directors have contributed to the success of the Company. Mr Vinay Shah has assumed charge as the MD and CEO of the Company and has rich experience in the BFSI segment.
Lastly, I would like to express my gratitude to our Board of Directors for their support and guidance. I am also grateful to all our stakeholders who have reposed their trust in us and given us constant support.
Wish Best Wishes,
Mr V. K. Sharma