LIC Housing Finance extends fall on weak Q3 earnings
Q3 profit down 23% year-on-year at Rs 236 crore from Rs 306 crore due to higher provisioning.
LIC Housing Finance is trading lower by 3% at Rs 244, extending its Thursday’s 6% fall, on reporting disappointing set of numbers for the third quarter ended December 31, 2012 (Q3).
A housing finance arm of Life Insurance Corporation of India has reported 23% year-on-year fall in its net profit at Rs 236 crore for the December quarter, due to higher provisioning. The bank had profit of Rs 306 crore during the same quarter last year.
Total income for the quarter however rose 23% to Rs 1,955 while net interest income rose 13% to Rs 370 crore.
“Provisioning expenses for the bank jumped up to Rs 32 crore during the quarter against Rs 7 crore in preceding quarter,” LIC Housing Finance said in a statement.
The stock opened at Rs 252 and hit a low of Rs 242 on NSE. A combined 2.82 million shares have changed hands on the counter till noon deals on NSE and BSE.
A housing finance arm of Life Insurance Corporation of India has reported 23% year-on-year fall in its net profit at Rs 236 crore for the December quarter, due to higher provisioning. The bank had profit of Rs 306 crore during the same quarter last year.
Total income for the quarter however rose 23% to Rs 1,955 while net interest income rose 13% to Rs 370 crore.
“Provisioning expenses for the bank jumped up to Rs 32 crore during the quarter against Rs 7 crore in preceding quarter,” LIC Housing Finance said in a statement.
The stock opened at Rs 252 and hit a low of Rs 242 on NSE. A combined 2.82 million shares have changed hands on the counter till noon deals on NSE and BSE.