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LIC Housing Finance reported a 12% year-on-year increase in consolidated net profit to ₹1,507 crore for the September quarter from ₹1,349 crore a year earlier, aided by a reversal of impairment charges and improved asset quality. Total income rose 1.5% to ₹7,194 crore from ₹7,090 crore, while interest income increased 1% to ₹7,122 crore. Finance costs edged up to ₹5,023 crore from ₹4,995 crore.
The housing financier reported a ₹93 crore reversal of impairment on financial instruments, against a charge of ₹72 crore a year earlier. Gross non-performing assets declined to 2.05% from 2.51%, while net NPAs improved to 1.06% from 1.19%.
Separately, the company identified ₹19,610 crore of loans for reclassification from housing to non-housing finance, saying the change would not materially affect total loan assets.
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https://economictimes.indiatimes.com/markets/stocks/earnings/lic-housing-fin-q2-net-profit-grows-12-yoy/articleshow/135388049.cms
