The Business Bytes
TBB BUREAU
MUMBAI, AUG 3, 2023
LIC Housing Finance on Thursday reported a 43 per cent rise in net profit at Rs 1,324 crore in the April-June quarter (Q1) of the current financial year (FY24).
The housing finance subsidiary of LIC had posted a net profit of Rs 925 crore in the year-ago period.
The total income in the first quarter of the current fiscal rose to Rs 6,747 crore against Rs 5,291 crore in the year-ago period, LIC Housing Finance said in a regulatory filing.
The interest income also increased to Rs 6,704 crore from Rs 5,250 crore in the same quarter a year ago.
Net interest income increased to Rs 2,209 crore in Q1FY24 as compared to Rs 1,592 crore in the corresponding period in FY23.
Profit Before Tax for the quarter was Rs 1,649 crore as against Rs 1,140 crore in Q1 FY2023, a growth of 45 per cent.
On the asset quality side, the lender’s gross Non-Performing Assets (NPAs) stood at 4.98 per cent of the gross advances in June 2023 over 4.96 per cent a year ago.
The net NPA declined marginally 2.99 per cent against 3.01 per cent in the year-ago period.
Speaking on the performance, LIC Housing Finance Limited Managing Director & Chief Executive Officer T Adhikari said, “In the current financial year our aim is to expand our branch network in newer geographies to match the increase in demand. We are seeing an uptick in all categories of segment. Overall business indicators are positive despite high interest rates in the system. In the past, we have taken a lot of initiatives to improve the long-term performance of our company, which should hopefully start showing impact from the current year and help us to consolidate our position as the largest housing finance company in India. I look forward to redefine the way borrowers access housing finance and get a differentiated experience of home loan journey.”
“Our priority is to build upon our distribution strength by way of continuous nurturing to expand our reach. By leveraging our rich legacy and expertise, we will continue to be innovative in our offerings with customer centricity at the core. LICHFL is a beacon of trust and we will work towards continuous growth that is sustainable and contributes positively to the progress of the economy,” he added.
