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LIC Housing Finance on Saturday posted a 7.39 per cent increase in its consolidated net profit at Rs 609.13 crore for the first quarter ended on June 30, 2019. It had reported a net profit of Rs 567.18 crore during the same period of the previous fiscal. Total Revenue from operations rose to Rs 4,815.57 crore for the first quarter as against Rs 4,068.93 crore in the year-ago period, LIC Housing Finance said in a regulatory filing. "The business environment continued to be quite challenging. However, despite that, the company's outstanding loan book grew consistently, especially on the home loan segment," LIC Housing Finance MD & CEO Siddhartha Mohanty said.
State-run Jammu & Kashmir Bank on Saturday reported a 58 per cent fall in its net profit to Rs 21.87 crore in the first quarter of 2019-20 due to a rise in provisions for bad loans. The bank had posted a net profit of Rs 52.59 crore in the April-June quarter of the previous fiscal. Total income during the first quarter of 2019-20 rose to Rs 2,256.25 crore from Rs 1,897.24 crore in the same period of 2018-19, the bank said in a release. On asset front, gross non performing assets fell to 8.48 per cent of gross advances as on June 2019, as against 9.83 per cent by June end 2018. Net NPAs also came down to Rs 4.36 per cent from 4.46 per cent a year ago. However, the provisioning for bad loans and contingencies moved up to Rs 293.21 crore in the June quarter from Rs 255.01 crore in the same quarter of previous fiscal.