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LIC Housing Finance net profit drops 39% to Rs 421 crore for March quarter

For the year 2020, the firm's net profit registered a flat growth at Rs 2,403.66 crore as against Rs 2,434.37 crore in FY19. The housing finance company's income for FY20 rose to Rs 19,706.88 crore, from Rs 17,398.46 crore in FY19

Rupa Burman Roy | June 20, 2020 | Updated 13:37 IST
LIC Housing Finance net profit drops 39% to Rs 421 crore for March quarter
Shares of LIC Housing Finance on Friday closed 0.32% higher at Rs 284.75 on BSE

LIC Housing Finance Ltd (LICHFL) on Friday reported a 39% decline in its net profit to Rs 421.43 crore for the March 2020 quarter.

The mortgage financier's profit stood at Rs 165 crore in a year-ago period.

The company's net interest income declined 9% to Rs 1,089 crore in the January-March quarter of the current fiscal as compared to Rs 1,202 crore in a year-ago period. Its net interest margin (NIM) stood at 2.34% in FY20 as against 2.38% in the same period last year.

The mortgage financier had reported a profit after tax of Rs 693.58 crore in the year-ago period.

"Considering the headwinds due to the general economic slowdown, we have registered a decent performance. The COVID-19 pandemic has thrown up fresh challenges of a magnitude never witnessed in decades," the company's MD and CEO Siddhartha Mohanty said.

For the year 2020, the firm's net profit registered a flat growth at Rs 2,403.66 crore as against Rs 2,434.37 crore in FY19. The housing finance company's income for FY20 rose to Rs 19,706.88 crore, from Rs 17,398.46 crore in FY19.

Its individual loan portfolio stood at Rs 1.96 lakh crore, up 8% YoY, while its project loan portfolio grew 9% YoY to Rs 14,237 crore. The company's provisioning for bad loans rose 71% YoY to Rs 2,612 crore.

LIC Housing Finance board has recommended a dividend of Rs 8 per equity share, subject to shareholder's approval at the forthcoming annual general meeting.

Shares of LIC Housing Finance on Friday closed 0.32% higher at Rs 284.75 on BSE.

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