Money & Banking

LIC Housing Finance Q4 net profit up 180 per cent

Our Bureau | | Updated on: May 18, 2022
Y Viswanatha Gowd, Managing Director and CEO, LIC Housing Finance.

Y Viswanatha Gowd, Managing Director and CEO, LIC Housing Finance. | Photo Credit: Srikrishnan P C@Chennai

The board has approved a dividend of ₹8.50 per share

LIC Housing Finance reported a 180.4 per cent jump in its net profit for the fourth quarter of 2021-22 to ₹1,118.64 crore. Its net profit was ₹398.92 crore in the same period in 2020-21.

For the quarter ended March 31, 2022, the company’s revenue from operations increased by 7 per cent to ₹5,300 crore as against  ₹4,968 crore a year ago.

Net interest income increased by 9 per cent to ₹1,637 crore in the fourth quarter of last fiscal against ₹1,505 crore for the same period previous year. 

Net interest margin for the quarter stood at 2.65 per cent as against 2.66 per cent for a year ago.

However, for the full fiscal 2021-22, LIC Housing Finance registered a 16.3 per cent drop in net profit to ₹2,287.28 crore from ₹2,734.34 crore in 2020-21.

Disbursements

Total disbursements were at ₹19,315 crore in the fourth quarter  against  ₹22,362 crore for the corresponding period in 2020-21. 

Out of this, disbursements in the individual home loan segment were at  ₹16,341 crore against  ₹19,010 crore in the fourth quarter of 2020-21, whereas project loans were at ₹428 crore compared with  ₹1,197 crore a year ago.

Provisions for Expected Credit Loss stood at ₹5,839.10 crore as on March 31, 2022, as against ₹3,971.42 crore as on March 31, 2021. 

The Stage 3 Exposure at Default as of March 31, 2022, stood at 4.64 per centt (4.12 per cent).

“We have entered fiscal year 2023 on a very positive note. We expect stable growth over the next year, despite the recent monetary tightening and interest rate hikes announced by regulators globally,” said Y Viswanatha Gowd, Managing Director and CEO, LIC Housing Finance.

The board at its meeting on Wednesday also approved a dividend of ₹8.50 per equity share of ₹2. The dividend will be paid on or after the annual general meeting.

Published on May 18, 2022
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