LIC Housing Finance Q1 Results: Profit surges 43% YoY to Rs 1324 crore

LIC Housing Finance on Thursday reported a 43% year-on-year rise in net profit at Rs 1324 crore for the June quarter backed by core income growth while no improvement seen in asset quality.

The net profit was Rs 926 crore in the year-ago period.

The lender announced the appointment of T Adhikari as managing director for five years, effective August 3. Adhikary came on board as a nominee director of Life Insurance Corporation of India, which is the parent of the mortgage lender. He has replaced Y Viswanatha Gowd, who tendered his resignation from the board as he superannuated from LIC at the end of July.

The lender saw its interest income growing 28% at Rs 6304 crore while total income too rose at the same rate at Rs 6747 crore.

Its gross non-performing assets ratio stood at 4.98% at the end of June, steady as compared with 4.96% a year back. Net NPA was at 2.99% against 3.01%. Provision coverage ratio rose marginally to 41.13% from 40.46%.

The company announced the earnings after the market hours. Its stock price fell 4.9% to Rs 393.90 Thursday on BSE.