LIC Housing Finance Q4 Profit Down 7.5% to Rs 1091 cr

New Delhi, May 15 (PTI) Mortgage financier LIC Housing Finance on Wednesday reported a 7.5 per cent decline in its profit at Rs 1,091 crore in the fourth quarter ended in March 2024.

LIC promoted housing finance company had reported a profit of Rs 1,180 crore in the year ago period.

The total income increased to Rs 6,937 crore during the quarter under review against Rs 6,415 crore in the same period last year, LIC Housing Finance said in a regulatory filing.

The interest income of the company rose to Rs 6,888 crore as against Rs 6,378 crore in the fourth quarter of previous year.

During the quarter ended March 31, 2024, the company has reversed a provision of Rs 31.56 crore in respect of Investment in Alternate Investment Funds (AIFs) pursuant to the RBI circular dated March 27, 2024, it said.

With regard to asset quality, LIC Housing Finance witnessed improvement with gross non-performing assets (NPAs) to 3.31 per cent from 4.41 per cent at the end of March 2023.

The net NPA of the company too declined to 1.43 per cent from 2.5 per cent compared to March 2023.

For the financial year ended March 2024, the housing finance company posted a 65 per cent jump in profit to Rs 4,765 crore as against Rs 2,891 crore in the previous fiscal.

The board recommended a dividend of Rs 9 (or 450 per cent) of face value of Rs 2 each for the financial year 2023-2024.