LIC Housing Finance logs 12 pc net profit jump at Rs 1,329 crore in Q2
LIC Housing Finance Ltd on Monday reported 12 per cent increase in net profit at Rs 1,329 crore in Q2 FY25, from Rs 1,188 crore in the same period last year.
IANS
Oct 28, 2024 07:25
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Mumbai, Oct 28 (IANS) LIC Housing Finance Ltd on Monday reported 12 per cent increase in net profit at Rs 1,329 crore in Q2 FY25, from Rs 1,188 crore in the same period last year.
The company clocked a 2.5 per cent growth in revenue at Rs 6,926 crore, from Rs 6,758 crore in the year-ago period, riding on stable growth in both home and project loan disbursements.
The company expressed optimism for growth in the upcoming festive quarters, driven by a robust focus on affordable housing and rural infrastructure.
Outstanding loan portfolio was up by 6 per cent to Rs 294,588 crore while individual home loan portfolio was up by 7 per cent to Rs 250,879 crore.
In the July-September period, loan disbursements were Rs 16,476 crore, a 12 per cent increase from Rs 14,665 crore in the year-ago period. During the quarter, the company had a technical write-off of Rs 286 crore.
According to LIC Housing Finance, the net interest income (NII) declined by 6 per cent to Rs 1,974 crore from Rs 2,107 crore in Q2 FY24, driven by a reduced net interest margin (NIM), which stood at 2.71 per cent compared to 3.04 per cent a year earlier and 2.76 per cent for Q1 FY25.
The company’s provisions for expected credit loss stood at Rs 5,458 crore, covering 49 per cent of Stage 3 loans.
The stage 3 exposure on default (as on September 30) stood at 3.06 per cent as against 4.33 per cent (as on September 30, 2023) and 3.30 per cent (as on June 30, 2024), said the company.
“During the six months ended September 30, 2024, the total disbursements for the company stood at Rs 29,391 crore against Rs 25,521 crore for the same period of the previous year, a growth of 15 per cent.
The shares of LIC Housing Finance closed at Rs 618.45 on Monday, up by 3.39 per cent.
--IANS
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