Friday, August 12, 2022

LIC Housing Finance profits sixfold to ₹925 crore

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LIC Housing Financing Ltd’s net profit rose sharply at 503 percent year-on-year to Rs 925.48 crore due to an increase in net interest income from Rs 153.44 crore in the same quarter last year.

The net interest income of the housing finance company increased by 26 percent to Rs 1,610.19 crore, compared to Rs 1,275.31 crore for the same period in the previous year. Net interest margin for the quarter was 2.54 percent, up from 2.20 percent last year.

The company’s total revenue grew 9 percent in the current quarter to Rs 5,285.46 crore.

“With the easing of the pandemic and better economic activity, there was an overall improvement in our segment. The hybrid working model has become widely accepted across the country, resulting in increased demand for better, larger housing units. This market trend helped us with higher payouts and improved financial performance during the current quarter,” said Managing Director & Chief Executive Officer Y. Viswanatha Gowd.

Total payouts were Rs 15,201 crore, an increase of 76 percent, in the quarter under review as compared to Rs 8,652 crore in the corresponding period last year. Disbursements in the individual home loan segment amounted to Rs 13,131 crore against Rs 7,650 crore in Q1FY22.

The portfolio of individual home loans stood at Rs 2.1 lakh crore, against Rs 1.82 lakh crore on June 30, 2021, an increase of 15 percent.

The project loan portfolio amounted to Rs 12,443 crore on June 30, 2022, compared to Rs 15,601 crore on the same date last year. The total outstanding loan portfolio grew by 10 percent to Rs 2.56 lakh crore from Rs 2.32 lakh crore in the previous year.

Under IndAS 16, asset classification and changes in provisions for future credit losses are reported on the basis of expected credit loss (ECL).


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