LIC Housing Finance Q3 Results: Profit Drops 37% To Rs 480 Crore
The company's Net Interest Income was at Rs 1,606 crore in the December quarter as against Rs 1,455 crore in the year-ago period
Mortgage lender LIC Housing Finance Ltd. on Monday reported a 37% decline in net profit at Rs 480.3 crore for the quarter ended December 2022 due to higher expenses.
The company's net interest income was at Rs 1,606 crore in the December quarter as against Rs 1,455 crore in the year-ago period, according to a stock exchange filing.
"Net profit after tax stood at Rs 480.30 crore compared with Rs 767.33 crore during the same period in the previous year," LIC Housing Finance said.
The company's revenue from operations in the third quarter of 2022-23 was at Rs 5,871 crore, an increase of 16% compared to Rs 5,054 crore in the same period a year ago.
The expenses during the quarter under review stood at Rs 5,283 crore, up from Rs 4,108.54 crore in the corresponding period a year ago.
"After two years of pandemic-induced restrains, enthusiasm among home buyers remained upbeat. Rising interest rates and inflationary trends continued to put upward pressure on home prices in many regions. Asset quality remained stable with an improving trend and margins expanded QoQ," Y Viswanatha Gowd, managing director and chief executive officer of LIC Housing Finance, said.
The company's total disbursements were at Rs 16,100 crore in the third quarter of 2022-23 as against Rs 17,770 crore for the corresponding period in 2021-22.
Out of the total amount, disbursement in the individual home loan segment stood at Rs 13,580 crore as against Rs 15,341 crore in the comparable period of the last fiscal. Project loans were at Rs 427 crore compared with Rs 293 crore for the same quarter in the previous year.
LIC Housing Finance said the individual home loan portfolio stood at Rs 2,23,064 crore in the latest December quarter as against Rs 1,95,901 crore in the same period of the last fiscal.
Project loan portfolio stood at Rs 10,857 crore as against Rs 14,091 crore as on Dec. 31, 2021.
Further, the housing finance company said its total outstanding portfolio grew 10% to Rs 2,68,444 crore in the three months ended December 2022 from Rs 2,43,412 crore in the year ago period.
During the nine months ended December 2022, total disbursements stood at Rs 48,088 crore. It was up 13% compared to Rs 42,532 crore in the same period a year ago.