You are here: Home » Companies » News
Business Standard

LIC Housing Finance reports 15% rise in its PBT at Rs 856 crore in Q2FY20

The net interest income (NII) rose 16 per cent to Rs 1,213 crore in the quarter ended September 2019 (Q2FY20) from Rs 1,047 crore in the same period last fiscal

Subrata Panda  |  Mumbai 

Photo: Shutterstock
Photo: Shutterstock

Mortgage lender has reported a 15 per cent rise in its profit before tax (PBT) at Rs 856 crore in Q2FY20 compared to Rs 745 crore in the quarter ended September 2018. The net profit rose 35 per cent to Rs 777 crore in Q2 FY20 compared to Rs 573 crore in the same period last year.

The net interest income (NII) rose 16 per cent to Rs 1,213 crore in the quarter ended September 2019 (Q2FY20) from Rs 1,047 crore in the same period last fiscal. The net interest margin (NIM), a measure of profitability, in Q2FY20 stood at 2.42 per cent as opposed to 2.41 per cent a year ago.

The asset quality deteriorated on sequential basis. The Stage 3 Exposure at Default as on September 30,2019 stood at 2.38 per cent as against 1.98 per cent as on June 30,2019. As per the same methodology, the provisions for ECL stood at Rs 2194.04 crore as on September 30, 2019 as against Rs 1559.48 crore as on September 30, 2018.

Siddhartha Mohanty, MD & CEO, said, “Though the external environment continued to be challenging, we have been able to generate good growth in the home loan segment, especially in affordable housing. We are strongly focusing on addressing the asset quality and are confident of controlling it in the coming quarters.”

The total disbursement in Q2FY20 shrunk by 14.8 per cent to Rs 12,173 crore from Rs 14,294 crore Q2 of FY19.

Out of the total disbursement of Rs 12,173 crore, 80 per cent was disbursed in the individual home loan segment.

Its total loan book grew by 14.5 per cent to Rs 2.03 trillion in Q2FY20 from to Rs 1.77 trillion in Q2FY19. The developer loan book portfolio grew to Rs 13,685 crore from Rs 10,936 crore.

First Published: Sat, October 19 2019. 23:54 IST
RECOMMENDED FOR YOU