BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Yes Securities Report
LIC Housing Finance Ltd. delivered a better-than-expected performance in Q4 FY22 with net interest income/pre-provision operating profit/profit before tax beat of 12%/14%/22%.
Notably, this performance was aided by material net interest margin expansion (largely driven by cost of funds decline) and lower credit cost (underpinned by 15%/5% QoQ reduction in stage-II/stage-III assets).
LIC Housing Finance's collection efficiency was strong through the quarter (March at 99%) and there were significant non-performing loan recoveries in builder/high- loan segments.
Stage-II expected credit loss coverage was maintained while stage-III coverage was raised.
Portfolio construct has reverted to pre-pandemic level and expected credit loss coverage is better, which provides visibility of moderate credit cost for coming quarters.
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