LIC Housing Q1 Profit Down 2% to Rs 1,300 Cr
Aug 02, 2024 21:04
LIC Housing Finance's profit declined 2% to Rs 1,300 crore in Q1 FY24, while total income rose. Gross NPAs improved to 3.29%.
New Delhi, Aug 2 (PTI) LIC Housing Finance on Friday reported a 2 per cent decline in its profit to Rs 1,300 crore for the first quarter ended June 30.
LIC-promoted housing finance company had reported a profit of Rs 1,324 crore in the year-ago period.
The total income increased to Rs 6,784 crore during the quarter against Rs 6,747 crore in the same period last year, LIC Housing Finance said in a regulatory filing.
The company's interest income rose to Rs 6,739 crore from Rs 6,703 crore in the first quarter of the previous fiscal.
During the quarter, total expenses grew to Rs 5,155 crore from Rs 5,098 crore a year ago.
On the asset quality front, LIC Housing Finance's gross non-performing assets (NPAs) improved to 3.29 per cent from 4.98 per cent at the end of June 2023.
Its net NPA too declined to 1.68 per cent from 2.99 per cent in June 2023.
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