LIC Housing Finance Q4 profit surges 180 per cent to Rs 1,118 crore
May 18, 2022
Mumbai (Maharashtra) [India], May 18 : LIC Housing Finance Ltd on Wednesday reported Rs 1,118.64 crore net profit for the fourth quarter of 2021-22 as compared to Rs 398.92 crore recorded in the corresponding period of the previous year, posting year-on-year growth of 180 per cent.
The company's revenue from operations increased to Rs 5,300 crore in January-March 2022 quarter from Rs 4,968 crore recorded in the same period of the last year, registering year-on-year growth of 7 per cent.
Net Interest Income (NII) of LIC Housing Finance rose by 9 per cent to Rs 1,637 crore, as against Rs 1,505 crore for the same period of the previous year.
Net Interest Margin for the fourth quarter of 2021-22 fell to 2.65 per cent as against 2.66 per cent recorded in the fourth quarter of 2020-21.
Total disbursements during the quarter under review declined to Rs 19,315 crore from Rs 22,362 crore recorded in the fourth quarter of 2020-21.
Out of this, disbursements in the Individual Home Loan segment stood at Rs 16,341 crore in the fourth quarter of 2021-22 against Rs 19,010 crore in Q4 FY2021, whereas Project loans were at Rs 428 crore compared with Rs 1197 crore in Q4 FY2021.
"Our performance during the last quarter has showed a marked improvement on all fronts due to easing of the pandemic situation in India and fueled by some good business initiatives from our company," said Y Viswanatha Gowd, Managing Director & Chief Executive Officer of LIC Housing Finance Limited.
"Overall FY 2022 was a volatile year during which we managed to neutralise the effects of pandemic and recover. With this, we have entered FY 2023 on a very positive note. We expect stable growth over the next year, despite the recent monetary tightening and interest rate hikes announced by regulators globally," Gowd said in a statement.
For the full year 2021-22, the company's net profit after tax fell to Rs 2,287.28 crore as against Rs 2,734.34 crore recorded in the previous year.
For the year ended March 31, 2022, total disbursements stood at Rs 61,848 crore against Rs 55,223 crore for the same period of the previous year, recording a growth of 12 per cent.
Out of this, the individual home loan segment registered disbursements of Rs 53,662 crore as against Rs 46,927 crore for the same period of the previous year, a growth of 14 per cent; whereas total disbursements under project loans stood at Rs 1,312 crore as against Rs 3,011 crore for the previous fiscal.
