LIC Housing Finance Q1 results: Net profit slumps 81%

30 Jul 2021 CW Team

LIC Housing Finance (LIC HFL), the Mortgage financier, recorded a decline of 81% in its standalone net profit at Rs 153.44 crore in the quarter ended June on Thursday because of increased provisioning of non-performing loans.

After a tax of Rs 817.48 crore in the corresponding quarter of the previous fiscal, the lender proclaimed a profit.

Y Viswanatha Gowd, the Managing Director and CEO of LIC Housing Finance, told the media that their net profit dropped because of provisioning for NPAs, and other than that, there were salary expenses that also impacted.

The housing finance company provided an amount of Rs 830 crore for NPAs during the quarter.

The net interest income (NII) increased to Rs 1,275.31 crore by 4.5%, unlike Rs 1,220.61 crore in the same period last year. The net interest margin (NIM) stood at 2.20%, unlike 2.32%.

The overall expenditures grew to Rs 8,652 crore by 143% in Q1 FY 2022, unlike Rs 3,560 crore for the corresponding period in FY 2021.

Out of this, the expenditure in the individual home loan segment was Rs 7,650 crore, unlike Rs 3,034 crore for the corresponding period in FY 2021, which is a growth of 152%.

The exposure of stage 3 at default as of June 30, 2021, stands at 5.93%, unlike 2.83% as of 30 June, 2020. The expected credit loss (ECL) provisions as a percentage of stage 3 exposure at default are 34%.

Additionally, Gowd said that there has been a rise in delinquencies, primarily due to economic activities being impacted in Q1 and that with improvement in economic activities and their increased and focused efforts in recovery, they are confident of controlling the same.

The lender has restructured Rs 5,353 crore of loans under RBI's Resolution Framework 1 and 2.0.

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Also read: Sundaram Home Finance reports net profit of over Rs 40 cr in FY22

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