Mumbai: LIC Housing Finance on Saturday reported 17 per cent rise in its net profit for the fourth quarter (Q4) of 2018-19.

According to the housing finance company, its net profit during the quarter under review rose to Rs 693.58 crore from Rs 594.34 crore in the corresponding quarter of the previous fiscal.

The firm's net interest income (NII) zoomed 21 per cent to Rs 1,201 crore during the quarter from Rs 989 crore earned during the corresponding quarter of the previous year.

On a financial year basis, the bank reported that its net profit for the year ended March 31, 2019 rose 21 per cent to Rs 2,430.97 crore from Rs 2,002.50 crore for the previous financial year.

"The company has maintained its growth trajectory in FY2019 despite severe challenges in the financial sector. All financial parameters continued to show improvement," said Vinay Sah, Managing Director and Chief Executive Officer (CEO) at LIC Housing Finance.

"During the year, the company has done exceptionally well in the area of affordable housing wherein more than 45,000 accounts were disbursed. This year we are opening nine new marketing centres with a specific focus on affordable housing," Sah said.

Additionally, the company's board of directors has recommended a dividend of 380 per cent.