LIC Housing Finance’s net profit up 5.51% in Q4 FY23, Real Estate News, ET RealEstate

June 24, 2023

NEW DELHI: LIC Housing Finance has reported a growth of 5.51 per cent in its net profit during the quarter ended March 31, 2023. Its profit after tax stood at Rs 1,180.28 crore in Q4 FY23 as against Rs 1,118.64 crore it registered in the corresponding quarter of the previous fiscal, the company said in a BSE filing.

The company’s total income stood at Rs 6,415.17 crore in Q4 FY23, a growth of 20.85 per cent from Rs 5,308.59 crore it recorded in the similar quarter last year.

Y. Viswanatha Gowd, managing director & chief executive officer of the company said, “We have witnessed a steady growth in our outstanding loan portfolio as well as in the disbursements numbers during the last year. Asset quality has also shown stability with further improvement. A lot of initiatives have been taken during the last year and proposed for current year, including opening of new branches, creation of clusters for better turnaround time, implementation of SAP etc.”

The board has recommended a dividend of Rs 8.50 per equity share of Rs 2 each (425%) subject to approval of the members of the company at the forthcoming annual general meeting.

As on March 31, 2023, the company’s net worth stood at Rs 24,674.98 crore, debt-equity ration was 10.08, total debts to total assets was 0.90%, operating margin was 15.70%, net profit margin was 12.75%, gross non-performing assets (NPAs) was 4.41% and net NPAs was 2.50%, it said in the regulatory filing.

Total disbursements were at Rs 16,027 crore in Q4 FY23, as against Rs 19.315 crore for the corresponding period in FY22. Out of this, disbursements in the individual home loan segment at Rs 12,406 crore against Rs 16,341 crore in Q4 FY22, whereas project loans were at Rs 1,554 crore compared with Rs 428 crore in Q4 FY22.

The individual home loan portfolio stood at Rs 2,28,730.02 crore as on March 31, 2023, as against Rs 2,04,098 crore as on March 31, 2022, up by 12.07 per cent. The project loan portfolio stood at Rs 11,738 crore as on March 31, 2023, as against Rs 12,978 crore as on March 31, 2022. The total outstanding portfolio grew at 9.53 per cent to Rs 2,75,047 crore from Rs 2,51,120 crore in the earlier year.

The provisions for expected credit loss (ECL) stood at Rs 7,230.26 crore as on March 31, 2023, as against Rs 5,839.11 crore as on March 31, 2022. The stage-3 exposure at default as of March 31, 2023, stood at 4.37 per cent against 4.64 per cent as of March 31, 2022.

  • Published On May 16, 2023 at 08:41 PM IST

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