LIC Housing Finance Q1 Results: Net profit down 1.8% YoY at Rs 1,300 crore

LIC HFL's net interest income for Q1 stood at Rs 1,988.8 crore, a 10% decrease from Rs 2,209.4 crore reported in the same quarter last year.

LIC Housing Finance on August 2 reported net profit of Rs 1,300.21 crore for the quarter ended June 30, 2024, a decline of 1.8 percent from the year-ago period. The company had reported a net profit of Rs 1,323.66 crore a year ago.

Its net interest income for Q1 stood at Rs 1,988.8 crore, a 10% decrease from Rs 2,209.4 crore reported in the same quarter last year.

In terms of asset quality, its gross non-performing assets (NPA) ratio improved slightly to 3.21% from 3.31% in the previous quarter. However, the net NPA ratio increased marginally to 1.68% compared to 1.63% in the previous quarter.

LIC Housing Finance's total income was 0.5% higher at Rs 6,783.69 crore against Rs 6,746.55 crore.

The lender's total expenses in the said quarter rose 1.13 percent to Rs 5,155.26 crore from Rs 5,097.56 crore in the year-ago period. Finance costs rising 5.6 percent YoY to Rs 4,750.05 crore, while interest income rose 0.5 percent to Rs 6,739.13 crore.

In the trading session on August 2, the scrip settled at Rs 748.45 apiece at the BSE, which was 1.16 percent lower (or Rs 8.80) as against the previous day's close.