Latest News | LIC Housing Finance Q2 Profit Jumps Nearly Four-fold to Rs 1,188 Crore

New Delhi, Nov 1 (PTI) LIC Housing Finance on Wednesday reported a nearly four-fold rise in net profit to Rs 1,188 crore for the September quarter.

The housing finance subsidiary of LIC had earned a profit of Rs 305 crore in the year-ago quarter.

Also Read | Chhattisgarh Foundation Day 2023 Date and Significance: Know History of Chhattisgarh Rajyotsava Day When the State Was Formed.

Total revenue increased to Rs 6,753 crore in the second quarter of the current fiscal from Rs 5,086 crore in the year-ago period, LIC Housing Finance said in a regulatory filing.

The lender's interest income also increased to Rs 6,707 crore from Rs 5,049 crore a year ago.

Also Read | Karnataka Rajyotsava Day 2023 Date: Know History and Significance of the Day When the State of Karnataka Was Formed.

Net interest income of the mortgage firm increased to Rs 2,107 crore as compared to Rs 1,150 crore in the year-ago period.

On the asset quality side, the lender's gross Non-Performing Assets (NPAs) stood at 4.3 per cent of gross advances in September over 4.9 per cent a year ago.

The net NPA declined marginally to 2.59 per cent against 2.83 per cent in the year-ago period.

Net interest margin of the company increased to 3.04 per cent as against 1.78 per cent in the same quarter a year ago.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)