LIC Housing Finance's net profit rises 11.20% in Q2 FY25

29 Oct 2024 CW Team

LIC Housing Finance reported an 11.20% increase in net consolidated profit for the quarter ended September 30, 2024. Profit after tax stood at Rs 13.27 billion, up from Rs 11.93 billion in the same period last year, according to a filing with the Bombay Stock Exchange (BSE).

The company’s net consolidated total income for Q2 FY25 amounted to Rs 69.38 billion, reflecting a 2.55% growth compared to Rs 67.65 billion in the corresponding quarter of the previous fiscal.

Tribhuwan Adhikari, Managing Director & CEO, said, "With stable interest rates, we anticipate steady growth over the next two quarters. As the festive season approaches, we are optimistic about further momentum in the coming months."

As of September 30, 2024, the company’s net worth stood at Rs 312.41 billion. Its debt-equity ratio was 8.42, total debt to total assets ratio was 0.88%, operating margin reached 24.02%, and net profit margin was 19.17%. Gross non-performing assets (NPA) stood at 3.05%, while net NPA was 1.57%. For the first half of FY25, LIC Housing Finance’s total disbursements reached Rs 293.91 billion, reflecting a 15% growth from Rs 255.21 billion during the same period last year. Within this, individual home loan disbursements grew 9% to Rs 239.83 billion, up from Rs 219.35 billion in H1 FY24. Project loan disbursements saw a significant jump to Rs 19.18 billion in H1 FY25, marking a 180% increase from Rs 6.84 billion in H1 FY24.

The company reported total expected credit loss (ECL) provisions of Rs 54.58 billion, with stage 3 exposure at default (EAD) at 3.06% as of September 30, 2024. During the quarter, LIC Housing Finance executed technical write-offs amounting to Rs 2.86 billion. (ET)

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