Q3FY24 Quarterly Result Announced for LIC Housing Finance Ltd.
LIC Housing Finance announced Q3FY24 results: Total disbursements were Rs 15,184 crore in Q3FY24 as against Rs 16,100 crore for the corresponding period in FY23. Out of this, disbursement in the Individual Home Loan segment stood at Rs 12,868 crore against Rs 13,580 crore, whereas project loans were Rs 375 crore compared with Rs 427 crore for the same quarter in the previous year. The Company's Revenue from operations was Rs 6,792 crore as against Rs 5,871 crore, a growth of 16%. Net Interest Income (NII) was Rs 2,097 crore, as against Rs 1,598 crore for the same period in the previous year, up by 31%. Net Profit after tax stood at Rs 1,162.88 crore compared with Rs 480.30 crore during the same period in the previous year, up by 142%. Individual Home loan portfolio stood at Rs 2,38,499 crore as against Rs 2,23,064 crore, a growth of 7%. Project Loan portfolio stood at Rs 8,569 crore as of December 31, 2023, as against Rs 10,857 crore as of December 31, 2022. Total outstanding portfolio grew by 5 % to Rs 2,81,206 crore from Rs 2,68,444 crore. Net Interest Margin (NIM) for the quarter ended December 31, 2023, was 3.00% as against 2.41% on December 31, 2022. Under lndAS 16, asset classification and provisioning changes for future credit loss are reported on an Expected Credit Loss (ECL) basis. As per the same methodology, the provisions for ECL stood at Rs 6,890 crore as of December 31, 2023, with a coverage of 48%, as against Rs 7,285.09 crore as of December 31, 2022, and Rs 6,512 crore as of September 30, 2023. The stage 3 exposure at default as of December 31, 2023, stood at 4.26% as against 4.75 % as of December 31, 2022, and 4.33% as of September 30, 2023. Speaking on the performance, Shri. Tribhuwan Adhikari, Managing Director & Chief Executive Officer of LIC Housing Finance said, "The outlook for the housing market is robust due to pause in the rate-hike cycle, in addition to strong economic growth. The infrastructure push initiated by the government has resulted in improved demand across the country. Affordable housing segment remained strong in tier-2 and tier-3 markets. We remained focused on this segment, as it gives an opportunity to millions of aspiring Indians to own their home with a moderate budget. In addition to business growth, our endeavour has been to improve service standards through the ongoing digital transformation of our processes. Jan-Feb-March are usually the most important business months for us and going by the current trends, we expect to close this financial year with healthy numbers." Result PDF05-02-2024
