LIC Housing’s Net Profit Rises by 23%
Individual loan disbursements have declined marginally to Rs 14,300 crore from earlier Rs 14,330 crore in the reporting quarter
LIC Housing Finance on Tuesday announced a 23 per cent on-year growth in net profit at Rs 305 crore for the three month period ending September. The company also said its net interest income for the quarter declined by 80 basis points to Rs 1,163 crore from earlier Rs 1,173 crore.
Individual loan disbursements have declined marginally to Rs 14,300 crore from earlier Rs 14,330 crore in the reporting quarter. This takes total disbursements to Rs 16,786 crore, led by a 15 per cent increase in project loans at Rs 407 crore from Rs 353 crore earlier. This pushed the total outstanding loan portfolio up 10 per cent at Rs 2,62,336 crore, helping the company earn 8 per cent more in revenue from operations at Rs 5,086 crore from Rs 4,708 crore.
Of the total loan outstanding, individual loans stood at Rs 2,16,771 crore up 15 per cent from Rs 1,88,348 crore. LIC’s provisions rose to Rs 6,522 crore on an expected credit loss basis and provision coverage ratio at 44 per cent for stage 3 accounts as against Rs 5,355 crore in September 2021. The stage 3 exposure on default declined to 4.90 per cent from 5.14 per cent in September 2021 and 4.96 per cent in June 2022.
The LIC Housing counter declined over 1 per cent to Rs 400.40 on the BSE, while the benchmark Sensex rose over 65 basis points, continuing the rally for the fourth day.