Home / Companies / Company Results /  LIC Housing Finance Q3 profit declines 37% on higher financing costs

NEW DELHI : LIC Housing Finance Ltd (LICHFL) on Monday reported a massive decline in its net profit for the December quarter of fiscal year 2023. Its net profit, hit by higher financing costs, fell 37% year-on-year basis to Rs480.30 crore in the third quarter from Rs767 crore a year ago.

The Mumbai-based mortgage lender’s finance costs rose 19.4%, accounting for 80% of total expenses, which increased 28.6% to Rs5,283 crore.

LIC Housing Finance said its impairment costs on financial instruments surged 114.5% to Rs763 crore.

LIC Housing's interest income rose 16.8% to Rs5,839 crore in the December quarter.

On Monday, LICHFL’s shares fell 2.88% to close at Rs388.30 apiece on the BSE, ahead of the results. Its stock has fallen over 6% so far this year. 

Due to poor sales in October and November 2022, of the total loan disbursement, the retail/individual home loan segment stood at Rs13,580 crore as against Rs15,341 crore, but recovered in December.

LICHFL’s outstanding loan portfolio increased 10% to Rs2.68 lakh crore by December 2022, of this the individual home loan portfolio stood at Rs2.23 lakh crore up 14% year-on-year and project loan book stood at Rs10, 857 crore as against Rs14,091 crore.

Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Recommended For You
Get alerts on WhatsApp
Set Preferences My ReadsWatchlistFeedbackRedeem a Gift CardLogout