LIC Housing Finance net profit dips

LIC Housing Finance net profit dips
29/01/2018 , by , in ALLIED

LIC Housing Finance has reported a dip of 2 per cent in profit after tax (PAT) in Q3 FY18. It’s net profit stood at Rs 491.07 crore, as against Rs 499.26 crore it had reported in the same quarter last year.

The company’s total income recorded a 6% growth in Q3 FY18 and stood at Rs 3,768 crore. It had registered a total income of Rs 3,549 crore in the corresponding period previous year.

“Business growth has been robust across all categories, especially in the home loan segment. We expect the momentum to continue in the Q4 to conclude the financial year,” said Vinay Sah, managing director and CEO, LIC Housing Finance.

It’s revenue from operations grew by 6% and stood at Rs 3,738 crore.

LIC HFL recorded a 38% growth in the disbursements in the individual home loan segment in the quarter ending December.

Interestingly, at a time when company’s total gross non-performing assets (NPAs) including NPAs on developer loans increased, its developer loan portfolio also saw a rise.

It’s gross NPAs was 0.87% in Q3 FY18 as against 0.56 % as on December 31, 2016 while its developer loan portfolio stood at Rs 6,189 crore, a growth of 38% as against the same quarter last year.

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