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LIC Housing Finance reported a 9% year-on-year increase in its net profit for the first quarter of FY27, supported by lower expenses and an improvement in asset quality. While the company's total income and interest income declined compared to the corresponding period last year, its gross and net non-performing assets (NPAs) showed further improvement. The latest quarterly performance reflects continued focus on maintaining asset quality and cost control, even as revenue remained under pressure amid the evolving lending environment.
LIC Housing Finance reported a 9% year-on-year increase in its consolidated net profit to INR 1,488 crore during the first quarter of the current financial year, compared with INR 1,360 crore recorded in the corresponding period last year, according to its regulatory filing.
The housing finance company, promoted by LIC, reported a decline in its total income during the quarter. Total income stood at INR 7,066 crore, down from INR 7,233 crore in the same quarter of the previous financial year.
Interest income also witnessed a marginal decline on a year-on-year basis. The company earned INR 7,024 crore as interest income during the quarter, compared with INR 7,113 crore reported in the corresponding period of the previous fiscal.
Despite the lower income, LIC Housing Finance improved its profitability by reducing overall expenditure. Total expenses declined to INR 5,177 crore during the quarter from INR 5,534 crore in the year-ago period, helping support earnings growth.
The company also reported better asset quality compared with the same period last year. Gross non-performing assets (NPAs) improved to 2.14% at the end of the quarter, compared with 2.62% a year earlier.
Net NPAs also registered an improvement, falling to 1.12% in the first quarter of FY27 from 1.30% in the corresponding quarter of FY26.
LIC Housing Finance is one of India's leading housing finance companies, primarily offering home loans to individuals along with loans against property and financing for developers. The company has continued to focus on strengthening its loan portfolio and improving recoveries over the past few quarters, resulting in a gradual improvement in asset quality.
Source PTI
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