LIC Housing Finance on Tuesday reported a 23% year-on-year improvement in its net profit for the quarter ended September 30 to Rs 305 crore, led by higher revenues. Its total revenue from operations grew 8% YoY to Rs 5,086 crore.
The home financier’s net interest income fell by 0.8% to Rs 1,163 crore despite a 4%
y-o-y growth in its disbursals to Rs 16,786 crore. The slight improvement in disbursals came from project loans, which grew 15% to Rs 407 crore. Individual home loans were flat at Rs 14,300 crore. The company’s total loan portfolio stood at Rs 2.6 trillion in Q2FY23, higher by 10% y-o-y.
The net interest margin contracted by 20 basis points to 1.80% as of September 30.
The company’s gross stage 3 exposure on default stood at 4.90% as on September 30, lower by 24 bps a year ago and 6 bps a quarter ago.
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“The consumer sentiment continued to remain positive in the last few months, which resulted in a sharp uptick in demand for residential properties. Affordable housing segment also continued to show a robust demand in many parts of the country,” Y Viswanatha Gowd, managing director and CEO of the company, said in a statement.
“This is despite the fact that inflationary trends along with higher interest rates, has resulted in rise of home prices in across various regions,” he added.