Money & Banking

LIC Housing net up 39%

| Updated on: Jan 16, 2014
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LIC Housing Finance posted a 39 per cent increase in third quarter net profit on the back of higher revenue the company earned in the period, primarily from the individual segment.

The Mumbai-based housing-finance arm of insurance major Life Insurance Corporation, reported a net profit of Rs 327 crore against Rs 236 crore, a year ago.

Revenue from operations grew 21 per cent to Rs 2,312 crore.

The outstanding loan portfolio in the individual segment grew 20 per cent to Rs 83,839 crore during the quarter.

Net interest income, the difference between interest earned and expended, for the quarter grew 24 per cent to Rs 458 crore against Rs 370 crore in the same period last year.

“We are confident of maintaining the same trend for the fourth quarter of the current fiscal,” said Sunita Sharma, Managing Director and CEO, LIC Housing Finance.

Shares of the company ended at Rs 211, down 0.94 per cent, on the Bombay Stock Exchange.

Published on March 12, 2018

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