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LIC Housing Finance Ltd (LICHFL) reported a 22 per cent increase in standalone net profit at ₹ 727 crore in the third quarter ended December 31, 2020 against ₹ 598 crore in the year ago quarter.
Interest income in the reporting quarter was up 7 per cent year-on-year (yoy) at ₹ 4,876 crore (₹ 4,569 crore).
Finance costs came down 3 per cent yoy at ₹ 3,595 crore (₹ 3,715 crore).
The provision burden for impairment on financial instruments was down 54 per cent at ₹ 181 crore (₹ 391 crore).
In the notes to accounts, LICHFL observed that in light of the Supreme Court’s Interim Order, even accounts that would have otherwise been classified as NPA (non-performing asset) post August 31, 2020 have not been, classified as NPA. However, on the basis of the ECL (expected credit loss) assessment higher provisions have been made for impairment.
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