LIC Housing Fin Q2 net down 58%

The company attributed the decline in net profit to an additional provision of Rs 205 crore related to provisions on standard assets it made during the quarter as per a directive issued by National Housing Bank (NHB).

However, total income during the second quarter grew 37 per cent to Rs 1515 crore as compared to Rs 1107 crore in the corresponding period of the previous year. Besides, net interest margins for second quarter stood at 2.45 per cent against 2.93 per cent during the same period last year primarily due to increase in interest rates. The company disbursed loans amounting to Rs 4,736 crore in the individual loans segment, registering a growth of 24 per cent over the second quarter of previous year. Loan disbursements to developers for the quarter stood at Rs 412 crore as against Rs 1283 crore for the same quarter of the previous year.

The outstanding mortgage portfolio of the company in the second quarter grew 29 per cent to Rs 56,098 crore as against Rs 43,385 crore in the year-ago period. Gross NPAs stood at 0.64 per cent as against 0.74 per cent in the same quarter last year.

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