LIC Housing Q1 PAT declines YoY to Rs 1,300 crore

The housing finance company's standalone net profit shed 1.77% to Rs 1,300.21 crore in Q1 FY25 as against with Rs 1,323.66 crore in Q1 FY24.

Total income rose marginally to Rs 6,783.69 crore in June 2024 quarter from Rs 6,746.55 crore posted in same quarter last year.

Profit before tax stood at Rs 1,628.43 crore in first quarter of FY25, registering de-growth of 1.25% as against Rs 1,648.99 crore recorded in Q1 FY24.

Net interest income (NII) slipped 10% YoY to Rs 1,989.08 crore in the quarter ended 30 June 2024. Net interest margin (NIM) reduced to 2.76% in Q1 FY25 as compared to 3.21% registered in the same period a year ago.

 

Total disbursements jumped 18.96% to Rs 12,915 crore in Q1 FY25 as against Rs 10,856 crore recorded in corresponding period previous year.

Out of this, disbursements in the individual home loan segment were at Rs 10,932 crore in Q1 FY25, up 16.06% YoY, whereas project loans were Rs 521 crore, zoomed 107.56% from Rs 251 crore for the same quarter in the previous year.

The individual home loan portfolio stood at Rs 2,46,275 crore as against Rs 2,31,087 crore, recording a growth of 6.57%. Project loan portfolio stood at Rs 8,099 crore as on 30 June 2024, as against Rs 11,321 crore as on 30 June 2023. Total outstanding portfolio grew by 4.4% YoY to Rs 2,88,665 crore in the quarter.

The provisions for expected credit loss (ECL) stood at Rs 5,670.07 crore as on 30 June 2024 as against Rs 7,590.68 crore as on 30 June 2023.

The Stage 3 exposure at default as on 30 June 2024 stood at 3.30% as against 4.96% as on 30 June 2023.

On consolidated basis, the companys net profit was at Rs 1,306.30 crore in Q1 FY25, marginally down from Rs 1,318.98 crore in Q1 FY24. Total income was at Rs 6,796.85 crore in Q1 of FY25 as against Rs 6,759.13 crore in same quarter last year.

Tribhuwan Adhikari, MD & CEO, LIC Housing Finance said, "Following the technology upgrades and organizational restructuring, we are now fully equipped to aim for faster growth especially in individual housing loan segment. The recent Union Budget has given a positive impetus to our sector with its continued focus on infrastructure development and affordable housing. It is expected to significantly enhance housing demand and foster socio-economic growth. In the current financial year, we also anticipate a gradual downtrend in interest rates, which will further accelerate demand in the sector."

LIC Housing Finance is the largest housing finance company in India. LIC HFL is amongst the pioneers in India ensuring access to housing finance for home ownership. With a strong business foundation, an extensive distribution network and proven industry expertise, LIC HFL is a respected and trusted financial services company.

Shares of LIC Housing Finance declined 1.16% to end at Rs 748.45 on Friday, 2 August 2024.

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