LIC Housing Finance Reports Marginal Decline in Q1 Profit Despite Income Growth

LIC Housing Finance reported a 2% decline in its profit to Rs 1,300 crore for Q1 ending June 30 compared to Rs 1,324 crore a year ago. Total income for the quarter increased to Rs 6,784 crore, while gross NPAs improved to 3.29%.

LIC Housing Finance faced a slight dip in its profit for the first quarter ending June 30, showing a 2 per cent decline to Rs 1,300 crore. This compares to a profit of Rs 1,324 crore in the same period last year. The company's regulatory filing shows total income increased to Rs 6,784 crore, a marginal rise from the previous year's Rs 6,747 crore during the same quarter.

Interest income for the period rose to Rs 6,739 crore, up from Rs 6,703 crore in the first quarter of the previous fiscal year. The quarter also saw an increase in total expenses, which grew to Rs 5,155 crore from Rs 5,098 crore a year ago.

Notably, the asset quality of LIC Housing Finance showed significant improvement. The gross non-performing assets (NPAs) improved to 3.29 per cent, down from 4.98 per cent at the end of June 2023. Similarly, net NPAs declined to 1.68 per cent from 2.99 per cent in June 2023.

(With inputs from agencies.)