LIC Housing Finance posts net profit of Rs 1,191.86 crore in Q2 FY24, ET RealEstate

November 1, 2023

NEW DELHI: LIC Housing Finance has reported a growth of 282.69 per cent in its net consolidated profit during the quarter ended September 30, 2023. Its profit after tax stood at Rs 1,191.86 crore as against Rs 311.44 crore it registered in the corresponding quarter of the previous fiscal, the company said in a BSE filing.

The company’s net consolidated total income stood at Rs 6,765.87 crore in Q2 FY24, a growth of 32.63 per cent from Rs 5,101.40 crore it recorded in the similar quarter last year.

Tribhuwan Adhikari, managing director & chief executive officer of the company said, “Our aim has been to focus on two fronts. The first is to consolidate our position as a market leader by building on distribution strength. The second and equally important effort is on the recovery front, to reduce non-performing assets (NPA).”

The board of directors has approved the upfront commitment of Rs 150 crore to the corpus fund-LICHFL Real Estate Debt Opportunities Fund-1 of LICHFL Asset Management Company.

During the quarter, the company has done technical write-off of Rs. 925.05 crore. The provisions for Expected Credit Loss (ECL) stood at Rs 6,512 crore with a coverage of 41% on Stage 3 as on September 30, 2023 as against Rs 6,522 crore as on September 30, 2022.

The Stage 3 exposure on default as on September 30, 2023 stood at 4.33% as against 4.90% as on September 30, 2022 and 4.96% as on June 30, 2023.

As on September 30, 2023, its net worth stood at Rs 26,534.21 crore, debt-equity ratio was 9.34, total debts to total assets was 0.88, operating margin was 23.18%, net profit margin was 18.60%, gross non-performing assets (NPAs) were 4.33% and net NPAs were 2.59%.

Total disbursements were at Rs. 14,665 crore in Q2 FY24, as against Rs 16,786 crore for the corresponding period in Q2 FY23. Out of this, disbursements in the individual home loan segment were at Rs 12,516 crore against Rs 14,300 crore in Q2 FY23. Project loans were at Rs. 433 crore compared with Rs 407 crore for the same quarter in previous year, a growth of 6%.

Net interest income (NII) stood at Rs. 2,107 crore, as against Rs 1,150 crore for the same period in the previous year, up by 83%. Net interest margin (NIM) for the quarter stood at 3.04% as against 1.78% for Q2 FY23.

The total loan portfolio stood at Rs. 2,77,987 crore as against Rs 2,62,336 crore on September 30, 2022, a growth of 6%. Out of which individual home loans grew at 8% from Rs 2,16,771 crore to Rs. 2,34,509 crore as on September 30, 2023.

During the six months ended September 30, 2023, the total disbursements for the company stood at Rs 25,521 crore against Rs 31,988 crore for the same period of the previous year. Out of this, individual home loan segment registered a disbursement of Rs. 21,935 crore, as against Rs 27,433 crore for H1 ended September 30, 2022; whereas project loans were Rs 684 crore as against Rs 716 crore for H1 ended September 30, 2022.

Net interest margin (NIM) for six months ended September 30, 2023 stood at 3.12% as against 2.14% for the corresponding period ended September 30, 2022.

  • Published On Nov 1, 2023 at 08:00 PM IST

Join the community of 2M+ industry professionals

Subscribe to our newsletter to get latest insights & analysis.

Download ETRealty App

  • Get Realtime updates
  • Save your favourite articles

Scan to download App

Source link

Abhay Singh

Web Developer

Leave a Comment