LIC Housing Finance Q2 net down 69%; impairment expenses rise sharply

Its stock closed 1.1 per cent higher at Rs 440.35 per share on BSE

LIC Housing Finance Ltd’s net profit declined by 68.7 per cent to Rs 247.86 crore in the second quarter ended September 2021 (Q2Fy22) on fall in interest income and sharp rise in expenses for impairments.

It had posted a net profit of Rs 790.9 crore in Q2Fy21.

Its net interest income (NII) for the reporting quarter fell by 5.25 per cent to Rs 1,173 crore from Rs 1,238 crore in the second quarter of last year (Q2Fy21). The net interest margin moderated from 2.34 per cent in Q2Fy21 to 2.0 per cent in Q2Fy22.

The expenses for impairment on financial