LIC Housing Finance Net Profit increase by 7%


New Delhi: Today Housing finance corporation Life Insurance Corporation Housing Finance account a trivial 7 per cent enlargement in net profit at Rs 407.84 crore in the quarter ended June due to higher provisioning. The corporation had reported a net profit of Rs 382.13 crore in the similar period previous year. The corporations managing director and CEO Sunita Sharma conveyed subsequent to the declaration of the result that, the profit was subdued as there was extra provisioning of Rs 92 crore on description of aging of old scheme loan NPAs, which had by currently been confidential as NPAs as per norms. There was also Rs 20 crore worth of amount overdue paid to employees on account of wage revision. Gross nonperforming assets were at 0.59 per cent though net NPA stood at 0.28 per cent.

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Net interest margins enhanced to 2.61 per cent from 2.41 per cent in the similar period previous year. Total income was Rs 3,380 crore as against Rs 2,965 crore throughout the similar period preceding year. It disbursed Rs 7,064 crore in the human being loan segment, while in project loan segment disbursement was Rs 478 crore. On June 30 the exceptional mortgage portfolio was Rs 1,27,437 crore as against Rs 1,10,411 crore previous year. The personage loan portfolio stood at Rs 1,23,681 crore as against Rs 1,07,704 crore. Developer loan collection stood at Rs 3,756 crore as against Rs 2,708 crore. Angel Broking senior equity research analysts, Siddharth Purohit further conveyed that, “LIC Housing has accounted a good set of numbers for the quarter. Though the reported PAT grew by only 7 per cent, NII enlargement was strengthen up by 25 per cent. The corporation took extra provisioning to the tune of Rs 90 crore due to aging of some NPAs in the project loans and hence provisions remained higher at Rs 116.5 crore vs Rs 44.3 crore one year. The corporation scrip finished at Rs 525.05, up 3.65 per cent on BSE.

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