Mumbai: Housing finance company LIC Housing Finance Ltd on Tuesday said its March quarter net profit rose 18.11% from a year ago, beating market estimates.
Net profit rose to Rs529.18 crore for the fourth quarter from Rs448.01 crore a year ago. According to a Bloomberg survey of 18 analysts, the company was expected to post a net profit of Rs525.90 crore for the quarter ended March.
Provisions almost doubled to Rs89.29 crore at the end of March quarter compared to Rs45.26 crore, a quarter ago.
“Close to Rs50 crore has been provided for account which was NPA for three years and another Rs40 crore was done on payments of arrears to staff,” said Vinay Shah, managing director and chief executive officer of LIC Housing Finance.
Net interest income increased by 27% to Rs1,040 crore at the end of fourth quarter compared to Rs821 crore a year ago.
Total income from operations rose 12% to Rs3,662 crore in the year ended quarter from Rs3,274 crore a year ago. Net interest margins for the fourth quarter stood at 2.97% compared to 2.71% a year ago.
Gross non-performing assets (NPAs) stood at 0.43% at the end of March quarter compared to 0.45% a year ago. Net NPAs stood at 0.14% for year ended quarter compared to 0.22% in year ago period.
On Tuesday, LIC Housing shares rose 2.33% to Rs673.10 on BSE, while the benchmark index Sensex ended the day 0.97% up at 29,943.24 points.