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Housing finance lender, LIC Housing Finance, said its first quarter net profit increased to Rs 322 crore from Rs 311 crore a year ago.
The lower profit growth was on account of higher expenses that the housing finance arm of insurance major – Life Insurance Corporation – had to fork out.
Expenses rose 17 per cent to Rs 2,055 crore. The bulk of this increase was on account of higher finance costs, which increased to Rs 1,976 crore from Rs 1,676 crore.
Shares of the Mumbai-based company were trading at Rs 298.45, down 4.22 per cent on the Bombay Stock Exchange.
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