17.4 C
New York
Wednesday, April 21, 2021

LICHFL Q1 results: Profit jumps 34% on lower provisioning

Must read

BetMGM targets $1 billion in net revenue in 2022

Stock Markets7 minutes ago (Apr 21, 2021 10:35AM ET) (C) Reuters. (Reuters) - BetMGM, a U.S. sports-betting joint venture between MGM Resorts (NYSE:MGM) and Entain,...

Travel on U.S. roads fell 12.1% in February over 2020 levels

Sign In/Free Sign Up 0 Commodities7 minutes ago (Apr 21, 2021 10:35AM ET) (C) Reuters. Cars fill the road as people travel before the...

Crude Stockpiles Climbed 594,000 Barrels Last Week: EIA

Sign In/Free Sign Up 0 Commodities8 minutes ago (Apr 21, 2021 10:34AM ET) (C) Reuters. By Liz Moyer Investing.com -- Investing.com -- U.S. oil stockpiles...

Will Qualtrics Keep Losing in 2021?

Stock Markets12 minutes ago (Apr 21, 2021 10:31AM ET) (C) Reuters. Will Qualtrics Keep Losing in 2021? Qualtrics (XM), which is known for its unique experience...

MUMBAI: Mortgage lender LIC Housing Finance Ltd (LICHFL) on Monday reported a 34 per cent jump in its net profit to Rs 817.48 crore for the quarter ending June helped by lower provisioning.

The company’s profit after tax stood at Rs 610.68 crore in the April-June quarter of the previous fiscal.

“The rise in profit is mainly attributed to provisioning which was lower in the quarter as compared to the last time (Q1 FY20). However, we have fully provided for whatever is required,” the company’s managing director and CEO Siddhartha Mohanty said.

The provisioning in the first quarter stood Rs 56 crore compared to around Rs 253 crore in the year-ago period, he said.

Total income of the company rose to Rs 4,977.49 crore in April-June 2020 from Rs 4,807.21 crore in the year-ago quarter, according to regulatory filing.

Net interest income (NII) was Rs 1,220.61 crore, as against Rs 1,181.86 crore for the same period of previous year.

Net interest margin (NIM) for the quarter stood at 2.32 per cent as against 2.41 per cent for the same period in the previous year. Almost 25 per cent of the company’s loan book is under moratorium as of June 30, 2020. Individual home loans under moratorium accounted for 16 per cent of the home loan portfolio. Nearly 77 per cent of its developer loan book is under moratorium as of June 30, 2020.

The stage 3 exposure at default as on June 30, 2020 stood at 2.83 per cent as against 1.98 per cent as on June 30, 2019. The provisions for Expected Credit Loss (ECL) as a percentage of stage 3 exposure at default stood at 45.32 per cent as of June-end.

Total disbursements were Rs 3,560 crore in the first quarter as against Rs 10,261 crore for the corresponding period in FY2020. Out of this, disbursement in individual home loan segment was Rs 3,034 crore as against Rs 7,871 crore whereas project loans were Rs 159 crore compared with Rs 829 crore.

The total loan portfolio grew 6 per cent to Rs 2,09,817 crore as against Rs 1,97,768 crore.

Individual loan portfolio rose 6 per cent to Rs 1,95,176 crore as against Rs 1,84,155 crore. Out of that home loan portfolio registered a growth of 6.4 per cent. Developer loan portfolio stood at Rs 14,641 crore as on June 30, 2020, as against Rs 13,614 crore as on June 30, 2019.

Mohanty said he sees some pick-up in growth in the second quarter.

“With unlocking of activities, our business picked up, especially from the month of June, 2020. Though the economic activities are likely to take some more time to recover, we are witnessing an increasing business trend month after month, and we are confident of a rebound in Q2 itself,” he said.

The company’s scrip ended at Rs 276.70 apiece, up 0.02 per cent, on BSE on Monday.

- Advertisement -

Latest article

BetMGM targets $1 billion in net revenue in 2022

Stock Markets7 minutes ago (Apr 21, 2021 10:35AM ET) (C) Reuters. (Reuters) - BetMGM, a U.S. sports-betting joint venture between MGM Resorts (NYSE:MGM) and Entain,...

Travel on U.S. roads fell 12.1% in February over 2020 levels

Sign In/Free Sign Up 0 Commodities7 minutes ago (Apr 21, 2021 10:35AM ET) (C) Reuters. Cars fill the road as people travel before the...

Crude Stockpiles Climbed 594,000 Barrels Last Week: EIA

Sign In/Free Sign Up 0 Commodities8 minutes ago (Apr 21, 2021 10:34AM ET) (C) Reuters. By Liz Moyer Investing.com -- Investing.com -- U.S. oil stockpiles...

Will Qualtrics Keep Losing in 2021?

Stock Markets12 minutes ago (Apr 21, 2021 10:31AM ET) (C) Reuters. Will Qualtrics Keep Losing in 2021? Qualtrics (XM), which is known for its unique experience...

Chewy is Setting Up for a Big Move

Stock Markets12 minutes ago (Apr 21, 2021 10:31AM ET) (C) Reuters. Chewy is Setting Up for a Big Move A rectangle pattern has emerged in the...