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LIC Housing Finance reported a shade lower net profit at ₹489 crore in the second quarter against ₹495 crore in the year-ago quarter in the backdrop of slight pressures surfacing on the asset quality front.
Net interest income nudged up 3 per cent year-on-year (y-o-y) at ₹888 crore.
Due to pressure on the bad loans front, net interest margin in the reporting quarter was 30 basis points lower at 2.38 per cent against 2.68 per cent in the year-ago quarter.
During the quarter, the company’s loan disbursement was up 20 per cent at ₹10,975 crore. Within this, disbursements in the individual loan category recorded an 18 per cent y-o-y growth at ₹10,367 crore. Vinay Sah, MD and CEO of LIC Housing Finance, said: “We have witnessed steady loan growth during the quarter and will continue to see progress...Though there has been a temporary blip in margins and NPAs, we are confident and optimistic about our performances during the second half of the current financial year.”
The outstanding mortgage portfolio as on September 30, 2017, was ₹1,51,417 crore, against ₹1,31,096 crore on September 30, 2016, a growth of 16 per cent. Within this, the individual loan portfolio stood at ₹1,45,486 crore (₹1,27,434 crore in the year-ago period), recording a growth of 14 per cent.
Total gross non-performing assets of the company, including NPAs on developer loans, stood at ₹1,211 crore or 0.80 per cent of total advances as on September 30, 2017, against ₹750 crore or 0.57 per cent as on September 30, 2016.
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