LIC Housing gains after strong Q1 performance

5 Aug 2022 , 12:42 PM

Revenue from operations rose by 8.8% YoY during the quarter to Rs 5,285.46 crore. Net interest income improved by 26% to Rs 1610.19 crore in the quarter ended 30 June 2022. Net interest margin (NIM) for the quarter stood at 2.54 % as against 2.20 % for Q1 FY22. Profit before tax in Q1 FY23 stood at Rs 1,140.36 crore, up by 491% from Rs 192.93 crore posted in Q1 FY22. For the quarter ended 30 June 2022, total disbursements stood at Rs 15,201 crore against Rs 8,652 crore for the same period of the previous year, recording a growth of 76%. Out of this, disbursements in the individual home loan segment were at Rs 13,131 crore against Rs 7,650 crore in Q1 FY22, a growth of 72%. Project loans were at Rs 309 crore compared with Rs 237 crore for the same quarter in previous year. The total outstanding loan portfolio grew 10% to Rs 2,55,712 crore from Rs 2,32,548 crore in the earlier year. Speaking on the performance, Y. Viswanatha Gowd, managing director & chief executive officer of LIC Housing Finance, said, ?With the easing of pandemic and better economic activity, there was an overall improvement in our segment. The hybrid work model has been widely accepted across the country, resulting in higher demand for better, larger residential units. This market trend assisted us with higher disbursements and improved financial performance during the current quarter. Our ongoing digital transformation initiatives continues to add value and bring in higher efficiency. In the current quarter, around 20% of disbursements were initiated through our HomY App. This has helped our company to have better penetration among younger home loan borrowers.? LIC Housing Finance is one of the largest housing finance companies in India. It has one of the widest networks of offices across the country and representative offices in Dubai. Powered by Capital Market – Live News