Companies

LIC Housing Finance net up to ₹791 crore

Our Bureau Mumbai | Updated on November 11, 2020

LIC Housing Finance Ltd’s (LICHFL) net profit edged up 2 per cent to ₹791 crore in the second quarter ended September 30, 2020 as against ₹772 crore in the year ago quarter.

Interest income in the reporting quarter was a shade lower at ₹4,938 crore as against ₹4,954 crore in the year ago period.

Finance costs were almost flat at ₹3,700 crore (₹3,702 crore).

The provision burden for impairment on financial instruments was 63 per cent lower at ₹103 crore (₹281 crore).

LICHFL’s outstanding loan portfolio increased 5 per cent year-on-year to ₹2,13,349 crore as at September-end 2020 (₹2,03,037 crore as at September-end 2019).

During the quarter, outstanding loans increased by ₹3,532 crore.

Net interest margins for the quarter ended September 30, 2020 came down 8 basis points to 2.34 per cent against 2.42 per cent in the year ago period.

Siddhartha Mohanty, MD & CEO, said, “…With the gradual unlocking of the economy, we have witnessed a significant pickup in business activities across the country, with re-emergence of demand, which is demonstrated in the pick-up of the disbursements in Q2, which has helped us reach pre-Covid levels of activities.”

“With the ongoing festive season showing buoyancy, we are confident of further improvement in business volumes in the coming quarters,” he added.

Published on November 11, 2020

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