Comments
LIC Housing Finance (LIC HFL) reported a 69 per cent year-on-year (yoy) decline in second quarter net profit at ₹248 crore against ₹791 crore in the year-ago quarter due to increase in provisions on account of implementation of resolution plans, especially in the case of corporate entities.
The housing finance company upped the provisions by ₹424.49 crore during the quarter in respect of 113 corporate entities. It had an exposure aggregating ₹4,629.46 crore to them before implementation of the resolution plans.
Total income, including other income, declined 5.35 per cent to ₹4,715 crore. Net interest income dropped 5.25 per cent y-o-y to ₹1,173 crore.
Total disbursements rise
During the quarter, total disbursements at ₹16,110 crore were up 29 per cent y-o-y.
Within overall disbursements, individual home loan disbursements were at ₹14,330 crore as against ₹10,373 crore, up by 38 per cent, whereas project loan disbursements were lower at ₹353 crore as against ₹803 crore.
Net interest margins stood at 2 per cent as against 2.20 per cent for Q1FY22.
Y Viswanatha Gowd, MD & CEO, said, “Business gradually improved towards the end of first quarter in line with the overall sentiments. This is reflected in higher disbursements in Q2…”
“The company expects a better Q3 which coincides with the festival season and hopes to grow the business volumes in the quarters ahead,” he said.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.