Chennai, NFAPost: LIC Housing Finance on Wednesday reported 2% increase in net profit for the second quarter of this financial year at Rs 790.90 crore compared to the corresponding quarter of the last financial year.
Its net profit during the same period previous year was Rs 772.20 crore. The company said, “After being under strict lockdown for the most part of the first quarter of the financial year due to Covid-19 pandemic, there was gradual opening up towards the end of the first quarter. With gradual unlocking of the economy there has been a significant improvement in business in Q2 FY 2021. However, due to the given pandemic circumstances the current and previous year financials for the corresponding periods may not be comparable.”
Its total income was Rs 4,982 crore, just 0.06% change from the corresponding quarter of the previous year. The company’s revenue from operation stood at Rs 4,969 crore compared to Rs 4,973 crore in the corresponding quarter.
The total disbursement during the quarter registered a growth over corresponding quarter of the previous year. During the quarter, total disbursements were Rs 12,443 crore compared to Rs 12,173 crore and Individual Home Loan disbursements were Rs 10,373 crore compared with Rs 10,137 crore.
During the quarter, disbursements recorded a gradual increase in each of the months in the second quarter, especially in September 2020, which recorded a 22% growth in Individual Home Loan disbursements over September 2019. Further, in October 2020, the above growth rate stood at 38%.
The Net Interest Income was Rs 1,238 crore, compared to Rs 1,252 crore for the same period in the previous year.
The total loan portfolio stood at Rs 2,13,349 crore compared to Rs 2,03,037 crore, a growth of 5%, out of which Retail Loan Portfolio registered a growth of 5% and Individual Home Loans grew at 5%.
LIC Housing Finance MD and CEO Siddhartha Mohanty said, “The Covid-19 pandemic has posed significant headwinds for the economy, not only in India, but globally. However, with the gradual unlocking of the economy, we have witnessed a significant pickup in business activities across the country.”
He added, “With the ongoing festive season showing buoyancy, we are confident of further improvement in business volumes in the coming quarters.”
During the six months ended September 30, 2020, the total disbursements for the company stood at Rs 16,004 crore compared to Rs 22,434 crore for the same period of the previous year.
The company’s shares on Wednesday closed at Rs 323.85, a 0.59% increase from the previous close.