LIC Housing Finance Q3 Results: Net profit jumps over two-fold YoY to Rs 1,163 crore

Kolkata: Mortgage lender LIC Housing Finance has reported a nearly two-and-a-half-fold jump in standalone net profit at Rs 1163 crore for the quarter ending December 31, 2023, against Rs 480 crore in the year-ago period.

Net interest margin for the quarter improved to 3% from 2.4% earlier. Net interest income was Rs 2097 crore, up 31%.

Its total income was 15.4% higher year-on-year at Rs 6804 crore for the quarter as compared with Rs 5896 crore while total expenses rose marginally to Rs 5350 crore from Rs 5319 crore leading to higher profitability.

Net profit margin, which is a ratio of net profit to total revenue, improved to 18.1% from 10.52% over the same period.

Improvement in asset quality also helped contain the credit cost. The gross non-performing assets ratio fell to 4.26% at the end of December from 4.76% a year back. Net NPA stood at 2.24% against 2.4%.

Outstanding loan portfolio rose 5% year-on-year to Rs 2.81 lakh crore. On a consolidated basis, the net profit was Rs 1167 crore against Rs 462 crore.The lender announced its earnings after the market hours. On Friday, its shares rose to Rs 642 intra-day, which is a 52-week high, before closing at Rs 632, up 0.4% from the previous close.

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