LIC Housing Finance Q2 profit rises 20% to Rs494.76 crore
Mumbai: Housing finance company, LIC Housing Finance, on Thursday said that its second quarter net profit rose 20.16% from a year ago.
Net profit rose to Rs.494.76 crore for the September-ended quarter from Rs.411.73 crore a year ago.
According to a Bloomberg survey of 19 analysts, the bank was expected to post a net profit of Rs.470.90 crore for the quarter ended September.
Net interest income (NII) rose 21% to Rs.866 crore from Rs.717 crore a year ago.
Gross non-performing assets (NPAs) increased to Rs.750 crore at the end of September quarter from Rs.683 crore a year ago.
As a percentage of total loans, gross NPAs were 0.57% at the end of the September quarter, compared to 0.60% a year-ago quarter. Net NPAs stood at 0.28% for the first quarter compared to 0.32% last year.
LIC Housing Finance shares closed at Rs.609.05 on BSE, down 1.12% from previous close while India’s benchmark Sensex Index rose 0.52% to 28,129.84 points.