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LIC Housing Finance on Friday reported a 25 per cent rise in net profit at Rs 316 crore for the quarter ended March. Its total income grew by 23 per cent to Rs 2,075 crore. Net interest income — the difference between interest earned and expended — was Rs 461 crore for the quarter, a growth of 24 per cent, year-on-year.
For the full year ended March, the company’s net profit rose 12 per cent to Rs 1,023 crore. The home financier showed contraction in net interest margin at 2.18 per cent, down from 2.44 per cent a year before. NIM, however, expanded sequentially to 2.45 per cent from 2.09 per cent. “NIM’s expansion could be a result of bank loans repricing,” said Emkay Research in a report. LICHF’s gross non performing assets (NPA) and net NPA also increased 0.61 per cent and 0.36 per cent, respectively, from 0.42 per cent and 0.14 per cent.
“There has been no recovery from large corporates accounts, which slipped in third quarter,” Emkay further said in its report.
LICHF’s loan book grew by 23 per cent to Rs 77,812 crore at the end March.
