Mortgage lender LIC Housing Finance on Monday reported a 33.86 per cent growth in standalone net profit at Rs 817.48 crore for the first quarter ended June 30, 2020 (Q1 FY21). The housing finance company had posted net profit of Rs 610.68 crore in the same quarter a year ago.
Total income of the company increased to Rs 4,977.49 crore as compared to Rs 4,807.21 crore, registering a year-on-year growth of 3.5 per cent, LIC Housing Finance said in a filing to the Bombay Stock Exchange.
LIC Housing Finance's net interest income stood at Rs 4,985.08 crore in Q1 FY21 as against Rs 4,784.45 crore reported in Q1 FY20.
The main business of the group is to provide loans for purchase or construction of residential houses. All other activities of the company revolve around the main business and accordingly there are no separate reportable segments, it said in the exchange filing.
On the coronavirus pandemic, LIC Housing Finance said that as there is a high level of uncertainty about the duration and impact of the pandemic on human life and businesses and the time required for life and business operations to normalise. In view of this, it is not possible for the company to assess at this juncture, the extent to which the COVID-19 pandemic will impact the results of its business and financials in future, as the same will be dependent on future developments, which at present are extremely uncertain, it further added.
In line with the RBI guidelines relating to COVID-19 regulatory package, the company has offered a moratorium on the payment of instalments falling due between March 1, 2020 and August 31, 2020, to eligible borrowers, it said.
Ahead of Q1 results, shares of LIC Housing Finance closed Monday's trade at Rs 276.70 apiece, up 0.02 per cent, against previous closing price of Rs 276.65 on the BSE.
By Chitranjan Kumar