LIC Housing Finance records massive fall in net profit at Rs 153 cr for Q1FY22
New Delhi: LIC Housing Finance’s (LIC HFL) standalone net profit fell 81 percent at Rs 153 crore for the first quarter of the current fiscal as compared to a net profit of Rs 817 crore in the same quarter of the previous fiscal, the company said in a regulatory filing.
The company made NPA provision of Rs 830 crore in the quarter.
"Our net profit dropped because of provisioning for NPAs. Apart from that, there was salary expenses which also impacted… "Now we can say with very strong conviction that the worst is behind us. Going forward, we will be on a very good growth trajectory,” LIC Housing Finance MD and CEO Y Viswanatha Gowd said.
The net interest income increased 4.5 percent to Rs 1,275 crore I the first quarter as compared to Rs 1,221 crore in the same period previous year. The net interest margin stood at 2.20 percent in the latest quarter as against 2.32 per cent.
Total disbursements of loans by the company jumped 143 percent to Rs 8,652 crore in the latest quarter as compared Rs 3,560 crore for. Out of this amount, disbursement in the individual home-loan segment was Rs 7,650 crore as compared to Rs 3,034 crore, a jump of 152 percent.
The project loans were at Rs 237 crore as against Rs 159 crore.