New Delhi: LIC Housing Finance has reported 18.4% surge in its standalone net profit to 567.94 crore for the first quarter ended 30 June.

The company’s net profit was 479.65 crore in the same quarter of 2017-18.

The total income during April-June of this fiscal stood at 4,050.95 crore, up from 3,648.24 crore in the year-ago period, the company said in a regulatory filing.

The main business of the company is to provide loans for purchase or construction of residential houses.

During the 2017 fiscal year, the company had witnessed a double-digit growth in disbursements, boosted largely by non-core segments, which comprises higher interest-yielding retail LAP (loan against property) and developer loans. However, the core individual segment, i.e., retail home loans, remained sluggish.

Developer loans had witnessed healthy traction during the quarter owing to a robust pipeline and low base. Though asset quality was stable as both gross non-performing assets (NPAs) and net NPAs reduced, provisions swelled significantly; in fact, it almost doubled from a year earlier.

Shares of LIC Housing on Friday closed 0.33% down at 571.50 apiece on BSE.

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