LIC HFC Q1FY21 PBT up 21% to Rs 1,018 cr, NIM declines by 9 bps

Net profit for reporting quarter up 34% to Rs 817.48 cr; firm's stock closed flat at Rs 276.7 a share on BSE

LIC Housing Finance Ltd’s profit before tax (PBT) rose 21 per cent to Rs 1,017.67 crore in first quarter ended June 2020 (Q1FY21) from Rs 840.89 crore in Q1FY20.

Its net profit for reporting quarter was up 34 per cent to Rs 817.48 crore from Rs 610.68 crore a year ago.

The firm's stock closed flat at Rs 276.7 a share on BSE.

LIC HF's net interest income (NII) rose marginally to Rs 1,220.61 crore in Q1FY21 from Rs 1,181.86 crore in Q1FY20. The net interest margin (NIM) declined to 2.32 per cent from 2.41 per cent for the same period in the previous year.

The company said in a statement that due to the nationwide lockdown, there was significant impact on business during the quarter. However, with the gradual opening up of the economy, business activity began improving, especially since June.

The loan portfolio stood at Rs 2,09,817 crore at end of June 2020, as against Rs 1,97,768 crore at end of June 2019. For the month of June, the retail disbursements were approximately 62 per cent of the corresponding figure of the previous year. Total disbursements were Rs 3,560 crore in Q1 FY2021 as against Rs 10,261 crore for the corresponding period in FY2020.