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LIC Housing Finance reported a net profit of INR 1,349.37 crore for the quarter ended September, marking a 1.63 per cent increase over the corresponding period of the prior year. The lender's total income rose by 3.48 per cent to INR 7,179.77 crore, driven by a 6 per cent expansion in its loan portfolio. Individual home-loan disbursements grew by 3 per cent, while key credit-quality metrics improved. The company signalled optimism for business growth for the current fiscal, citing lower interest rates and improved sentiment.
The housing-finance arm LIC Housing Finance announced that its net consolidated profit for the quarter ended 30 September stood at INR 1,349.37 crore, a modest rise from INR 1,327.79 crore in the same quarter last year. Its total consolidated income reached INR 7,179.77 crore, up from INR 6,938.31 crore in the year-earlier period. Advertisement
As of end-September, the company's net worth stood at INR 36,796.70 crore, with a debt-equity ratio of 7.59 and total debt to assets at 0.88 per cent. The operating margin was 23.64 per cent and net profit margin 18.84 per cent. Gross non-performing assets (NPAs) were 2.51 per cent and net NPAs 1.19 per cent. The liquidity coverage ratio was recorded at 185.86 per cent.
During the quarter, total disbursements amounted to INR 16,313 crore, nearly flat on last year's INR 16,476 crore. Disbursements in the individual home-loan segment rose to INR 13,490 crore from INR 13,051 crore, representing a 3 per cent increase. By contrast, project-loan disbursements fell to INR 378 crore from INR 1,397 crore in the prior year.
Net interest income climbed to INR 2,038 crore from INR 1,974 crore a year earlier, although the net interest margin slipped to 2.62 per cent from 2.71 per cent and was slightly down from 2.68 per cent in the preceding quarter. The loan book grew to INR 3,11,816 crore from INR 2,94,588 crore a year earlier (up 6 per cent); individual home loans rose by 5 per cent to INR 2,64,096 crore from INR 2,50,879 crore. Provisions for expected credit losses stood at INR 5,074 crore, with 53 per cent coverage on Stage 3 loans, down from INR 5,458 crore a year earlier. The Stage 3 exposure on default improved to 2.51 per cent from 3.06 per cent a year earlier and 2.62 per cent at the end of June.
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