LIC Housing Finance Q1 profit falls 1.8% to ₹1,300.2 Crore

5 Aug 2024 , 01:54 PM

LIC Housing Finance Ltd, reported a 1.8% year-on-year decline in net profit to ₹1,300.2 Crore for the first quarter ending June 30, 2024. In the same quarter last year, the company’s net profit was ₹1,323.7 Crore, according to a regulatory filing. 

Net interest income (NII), which represents the difference between the interest earned from loans and the interest paid to depositors, fell by 10% to ₹1,988.9 Crore from ₹2,209.4 Crore in the corresponding quarter of FY24. 

The gross non-performing assets (GNPA) ratio decreased to 3.21% in the March quarter from 3.31% in the June quarter, while the net NPA ratio rose to 1.68% from 1.63% quarter-on-quarter.

The financial results were released after market hours, with LIC Housing Finance Ltd’s shares closing at ₹748.45, down by ₹8.80 or 1.16% on the BSE. At the time of writing on August 05, 2024 at 1:50 pm, shares of  LIC Housing Finance is trading at ₹692 which is a 7.53% dip than the previous close. LIC Housing Finance shares has witnessed a 57% gain in the last one year, and 22% gain since the beginning of the year.

LIC Housing Finance Limited (LIC HFL) is one of India’s leading mortgage and loan companies, headquartered in Mumbai. It is a subsidiary of LIC and primarily offers long-term financing for residential property purchases, construction, repair, and renovation.

The company also provides loans for the construction or purchase of clinics, nursing homes, diagnostic centers, office space, and equipment. Since January 2019, LIC HFL holds a promoter and controller status in IDBI Bank Ltd. Established on June 19, 1989, under the Companies Act, 1956, LIC HFL was promoted by Life Insurance Corporation of India and went public in 1994.