LIC Housing Finance reported a Q3 net profit of INR 1,327.29 crore, up 11.2% from last year's INR 1,193.57 crore, driven by a 2.55% increase in total income to INR 6,938.81 crore. MD & CEO Tribhuwan Adhikari highlighted the role of stable interest rates and the festive season in driving growth. As of September 30, 2024, the company holds a net worth of INR 31,241 crore with a debt-equity ratio of 8.42. Its outstanding loan portfolio grew by 6% to INR 2,94,588 crore, with individual loans at INR 2,50,879 crore. Expected Credit Loss (ECL) is INR 5,458 crore, with Stage 3 EAD at 3.06%.
In a BSE filing, LIC Housing Finance announced a net profit of INR 1,327.29 crores for the third quarter ended, highlighting a 11.20% increase from the profit after tax for the corresponding period of the previous financial year, which was INR 1,193.57 crores. The company has been witnessing a growth, with its total income for the second quarter reaching INR 6,938.81 crore, rising 2.55% from the previous year's total income of INR 6,765.87 crores for the same period.
MD and CEO of the company, Tribhuwan Adhikari expressed optimism for the rising trend of the company, saying that the upcoming festive season and stable interest rates are projected to contribute towards future growth. The company's current standing as of September 30, 2024 is: net worth of INR 31,241 crores, debt-equity ratio of 8.42, operating margin of 24.02%, net profit margin at 19.17%, total debt to total assets at 0.88%, gross non-performing assets (NPA) at 3.05% and net NPA at 1.57%.
LIC Housing Finance's outstanding loan portfolio rose to INR 2,94,588 crores, growing by 6%. Of this amount, the individual home loan portfolio consisted of INR 2,50,879 crores. Total disbursements went up by 15% from INR 25,521 crores from the third quarter of the previous year to INR 29,391 crores for September 30, 2024.
Of this, the individual home loan segment reported a disbursement of INR 23,983 crores for the first half of the current fiscal year, rising by 9% from the disbursement of INR 21,935 crores for the same period in the last year. Project loans increased from INR 684 crores in the first half of the previous fiscal year to INR 1,918 crores in the first half of FY 2024-25. The total expected-credit-loss (ECL) - a measure for the banks and financial institutions to gauge the losses if borrowers default - is INR 5,458 crores and stage 3 Exposure At Default (EAD) is 3.06%. The company had a technical write off of INR 286 crores for the quarter.
In conclusion LIC Housing Finance reported a robust Q3 net profit of INR 1,327.29 crore, marking an 11.2% year-on-year increase. The company's total income rose to INR 6,938.81 crore, supported by stable interest rates and seasonal demand. With a strong loan portfolio and optimistic outlook, LIC Housing Finance is well-positioned for future growth.
Advertisement
Facebook
Whatsapp
