Money & Banking

LIC Housing Finance reports 8% rise in Q1 net profit

Our Bureau Mumbai | Updated on August 03, 2019 Published on August 03, 2019

 

LIC Housing Finance reported an 8 per cent increase in standalone net profit at ₹611 crore in the first quarter (Q1FY20) against ₹568 crore in the year-ago period.

The housing finance company's net interest income rose 18 per cent year-on-year (yoy) at ₹4,807 crore.

Net Interest Margin for the quarter ended June 30, 2019 nudged up a tad to 2.35 per cent against 2.32 per cent during the same period last year.

In the quarter ended June 30, 2019, total disbursements were ₹10,261 crore against ₹9,594 crore , registering a growth of 7 per cent. Out of that, disbursements in the individual home loan segment was ₹7,871 crore (₹7,260 crore), whereas total disbursements in project loans were ₹829 crore ₹889 crore).

The total loan portfolio increased by 16 per cent y-o-y to ₹1,97,768 crore. The individual loan portfolio rose 14 per cent y-o-y to ₹1,84,154 crore. Developer loan portfolio jumped 62 per cent y-o-y to ₹13,614 crore as on June 30, 2019.

Siddhartha Mohanty, MD & CEO, said, “The business environment continued to be quite challenging. However, despite that, the company’s outstanding loan book grew consistently, especially on the home loan segment.

"The company has also performed quite well in the affordable segment. The company is focusing on asset quality and recovery aspect and we are confident of addressing the situation in the current year. "

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Published on August 03, 2019
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