The housing finance company made a provision of Rs 830 crore for NPAs during the quarter.
PTI
July 29, 2021 / 10:52 PM IST
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//$ .each(d.ac,function(i,v) //{ // accStr+=”+v.nm+”; //}); $ .each(d.data,function(i,v) { if(v.flg == ‘0’) { var modalContent = ‘Scheme added to your portfolio.’; var modalStatus = ‘success’; //if error, use ‘error’ $ (‘.mc-modal-content’).text(modalContent); $ (‘.mc-modal-wrap’).css(‘display’,’flex’); $ (‘.mc-modal’).addClass(modalStatus); //$ (‘#acc_sel_port’).html(accStr); //$ (‘#mcpcp_addportfolio .form_field, .form_btn’).removeClass(‘disabled’); //$ (‘#mcpcp_addportfolio .form_field input, .form_field select, .form_btn input’).attr(‘disabled’, false); // //if(call_pg == “2”) //{ // adtxt =’ Scheme added to your portfolio We recommend you add transactional details to evaluate your investment better. x‘; //} //else //{ // adtxt =’ Stock added to your portfolio We recommend you add transactional details to evaluate your investment better. x‘; //} //$ (‘#mcpcp_addprof_info’).css(‘background-color’,’#eeffc8′); //$ (‘#mcpcp_addprof_info’).html(adtxt); //$ (‘#mcpcp_addprof_info’).show(); 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Mortgage financier LIC Housing Finance (LIC HFL) on Thursday reported an 81 per cent decline in its standalone net profit at Rs 153.44 crore in the quarter ended June due to increased provisioning for non-performing loans.
The lender had reported a profit after tax of Rs 817.48 crore in the corresponding quarter of the previous fiscal.
“Our net profit dropped because of provisioning for NPAs. Apart from that, there was salary expenses which also impacted,” LIC Housing Finance Managing Director and CEO Y Viswanatha Gowd said.
The housing finance company made a provision of Rs 830 crore for NPAs during the quarter.
“Now we can say with very strong conviction that the worst is behind us. Going forward, we will be on a very good growth trajectory,” he said.
Net interest income (NII) grew by 4.5 per cent to Rs 1,275.31 crore as against Rs 1,220.61 crore in the same period previous year.
Net interest margin (NIM) stood at 2.20 per cent as against 2.32 per cent.
Total disbursements grew 143 per cent to Rs 8,652 crore in Q1 FY2022 as against Rs 3,560 crore for the corresponding period in FY2021.
Out of this, disbursement in individual home loan segment was Rs 7,650 crore as against Rs 3,034 crore for the corresponding period in FY2021, a growth of 152 per cent.
Project loans were at Rs 237 crore compared with Rs 159 crore.
The stage 3 exposure at default as on June 30, 2021 stood at 5.93 per cent as against 2.83 per cent as on June 30, 2020. The provisions for Expected Credit Loss (ECL) as a percentage of stage 3 exposure at default stood at 34 per cent.
“There has been an increase in delinquencies, mostly due to economic activities being impacted in Q1. With improvement in economic activities and our increased and focused efforts in recovery, we are confident of controlling the same,” Gowd added.
Under RBI’s Resolution Framework 1 and 2.0, the lender has restructured Rs 5,353 crore of loans in total.
Its scrip closed at Rs 415.25 apiece, up 4.11 per cent on the BSE on Thursday.
