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.

Image Source

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

Real Estate

11 May 2026

Casagrand Launches 41-Acre Highcity Project in Chennai

Casagrand has launched Casagrand Highcity, a 41-acre integrated residential development on Chennai’s Outer Ring Road (ORR), marking the company’s largest residential project to date.The project will comprise over 4,000 two and three BHK apartments across four G+22 towers and is positioned as one of the largest organised residential developments in the ORR corridor.Located along Chennai’s emerging residential and infrastructure growth belt, the project benefits from connectivity to IT hubs including Navalur, Siruseri SIPCOT and Porur, as well as industrial clusters such as Sriperumbudur, ..

Brigade, Marriott Open Courtyard Kochi Infopark

Brigade Hotel Ventures (BHVL) and Marriott International have opened Courtyard by Marriott Kochi Infopark, a rebranded and upgraded hotel formerly operating as Four Points by Sheraton Kochi Infopark.Located in Kakkanad adjoining Infopark Kochi, the 218-room property strengthens Brigade’s hospitality portfolio in one of the city’s key IT and commercial corridors. The hotel is positioned to cater to corporate, MICE and leisure travellers visiting Infopark, SmartCity and other business hubs in Kochi.The property offers flexible workspaces, smart TVs and high-speed WiFi across rooms and suites..

WorkEZ Expands South India Portfolio to 1.7 Mn Sq Ft

Work Easy Space Solutions (WorkEZ) has expanded its managed workspace portfolio to approximately 1.7 million sq. ft. across 12 operational buildings and two upcoming developments, strengthening its footprint across South India.The expansion includes the addition of 65,000 sq. ft. at Phoenix One National Park in Chennai and the company’s entry into Kochi through a partnership with Lulu Developers, adding another 70,000 sq. ft.WorkEZ has also signed a 0.4 million sq. ft. development in Coimbatore with Veeras Infra following the successful leasing of 0.1 million sq. ft. in the first phase. The ..