LIC Housing Finance reported a significant jump in profit for the third quarter ended December 2023, driven by strong growth in interest income. The company's total income and capital adequacy ratio also improved.
New Delhi, Jan 31 (PTI) Mortgage lender LIC Housing Finance on Friday reported a more than two-fold jump in profit at Rs 1,163 crore in the third quarter ended December 2023.
The housing finance subsidiary of LIC had earned a net profit of Rs 480 crore in the same quarter a year ago.
Its total income increased to Rs 6,792 crore during the quarter under review against Rs 5,876 crore in the same period last year, LIC Housing Finance said in a regulatory filing.
The interest income of the company rose to Rs 6,744 crore as against Rs 5,839 crore in the third quarter of the previous year.
During the quarter ended December 31, 2023, the company has made a provision of Rs 50.32 crore in respect of Investment in Alternate Investment Funds (AIFs) pursuant to a Reserve Bank of India circular dated December 19, 2023.
However, the company's Capital Adequacy Ratio improved to 19.77 per cent as against 17.74 per cent at the end of December 2022.
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