 "LIC Housing Finance")
LIC Housing Finance on Wednesday reported 2 per cent growth in standalone profit at Rs 790.90 crore for the quarter ended September 30, 2020.
Its profit in the year-ago period stood at Rs 772.20 crore.
On a consolidated basis, the company reported about 3 per cent rise in net profit at Rs 789.67 crore for September quarter of this fiscal year.
Our portfolio growth was muted. In April and May, there was no business and it got spilled over to this quarter. With competitive interest rates in the market, we received many applications for re-writing, which also had some bearing on our total profitability, Managing Director and CEO Siddhartha Mohanty said.
During the quarter, total disbursements were Rs 12,443 crore as against Rs 12,173 crore and individual home loan disbursements were Rs 10,373 crore as against Rs 10,137 crore.
Total loan portfolio grew 5 per cent to Rs 2,13,349 crore as against Rs 2,03,037 crore.
Net interest margin stood at 2.34 per cent. Its net interest income declined 1.10 per cent to Rs 1,238 crore as against Rs 1,252 crore in the same quarter of the previous fiscal.
Collection efficiency for non-moratorium customers for the month of September 2020 stood at 96 per cent.
The provisions for ECL (expected credit loss) stood at Rs 2,771.92 crore reflecting a coverage of 47 per cent as on September 30, 2020 as against Rs 2,194.04 crore by the same period a year ago.
The stage 3 exposure at default as on September 30 stood at 2.79 per cent as against 2.83 per cent as on June 30. COVID-19 related provision stood at Rs 194 crore as on September 30, 2020.
The company expects huge growth in the retail home loan segment in the third and the fourth quarters of the current fiscal which will boost its profitability.
With the ongoing festive season showing buoyancy, we are confident of further improvement in business volumes in the coming quarters, Mohanty said.
The company's scrip ended at Rs 323.85, up 0.59 per cent on BSE.
