LIC Housing Finance Q2 Profit Soars to Rs 1,188 Crore
Nov 01, 2023 22:20
LIC Housing Finance reported a significant rise in net profit to Rs 1,188 crore in the September quarter, driven by increased interest income and improved asset quality.
New Delhi, Nov 1 (PTI) LIC Housing Finance on Wednesday reported a nearly four-fold rise in net profit to Rs 1,188 crore for the September quarter.
The housing finance subsidiary of LIC had earned a profit of Rs 305 crore in the year-ago quarter.
Total revenue increased to Rs 6,753 crore in the second quarter of the current fiscal from Rs 5,086 crore in the year-ago period, LIC Housing Finance said in a regulatory filing.
The lender's interest income also increased to Rs 6,707 crore from Rs 5,049 crore a year ago.
Net interest income of the mortgage firm increased to Rs 2,107 crore as compared to Rs 1,150 crore in the year-ago period.
On the asset quality side, the lender's gross Non-Performing Assets (NPAs) stood at 4.3 per cent of gross advances in September over 4.9 per cent a year ago.
The net NPA declined marginally to 2.59 per cent against 2.83 per cent in the year-ago period.
Net interest margin of the company increased to 3.04 per cent as against 1.78 per cent in the same quarter a year ago.
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