Total income stood at Rs 6,792.50 crore in the third quarter of FY24, registering a growth of 15.6% from Rs 5,876.03 crore posted in Q3 FY23.
Total revenue from operations grew by 15.7% year on year to Rs 6,792.47 crore during the quarter.
Profit before tax stood at Rs 1,448.69 crore in the December quarter, registering a growth of 144.29% as against Rs 593.01 crore recorded in Q3 FY23.
Net interest income (NII) jumped 31% year on year to Rs 2,097 crore in the quarter ended 31 December 2023. Net interest margin (NIM) improved to 3% in Q3 FY24 as compared to 2.41% registered in the same period a year ago.
Total disbursements declined 5.69% to Rs 15,184 crore in Q3 FY24 as against Rs 16,100 crore recorded in Q3 FY23.
Out of this, disbursements in the individual home loan segment were at Rs 12,868 crore in Q3 FY24, down 5.24% from Rs 13,580 crore in Q3 FY23, whereas project loans were Rs 375 crore as compared with Rs 427 crore for the same quarter in the previous year.
The individual home loan portfolio stood at Rs 2,38,499 crore as against Rs 2,23,064 crore, recording a growth of 7%. Project loan portfolio stood at Rs 8,569 crore as on 31 December 2023, as against Rs 10,857 crore as on 31 December 2022. Total outstanding portfolio grew by 5 % to Rs 2,81,206 crore in Q3 FY24 from Rs 2,68,444 crore in Q3 FY23.
The provisions for expected credit loss (ECL) stood at Rs 6,890 crore as on 31 December 2023 with a coverage of 48 %, as against Rs 7285.09 crore as on 31 December 2022.
The Stage 3 exposure at default as on 31 December 2023 stood at 4.26% as against 4.75% as on 31 December 2022.
On nine-month basis, the company’s consolidated net profit soared 116.73% to Rs 4,577.74 crore on 24.84% jump in total income to Rs 20297.80 crore in 9M FY24 over 9M FY23.
Tribhuwan Adhikari, managing director & chief executive officer of LIC Housing Finance, said, “The outlook for housing market is robust due to pause in rate-hike cycle, in addition to strong economic growth. The infrastructure push initiated by the government has resulted in improved demand across the country. Affordable housing segment remained strong in tier-2 and tier-3 markets. We remained focused on this segment, as it gives an opportunity to millions of aspiring Indians to own their home with a moderate budget.
In addition to business growth, our endeavour has been to improve service standards through ongoing digital transformation of our processes. Jan-Feb-March are usually the most important business months for us and going by the current trends, we expect to close this financial year with healthy numbers.”
LIC Housing Finance is the largest housing finance company in India. LIC HFL is amongst the pioneers in India ensuring access to housing finance for home ownership. With a strong business foundation, an extensive distribution network and proven industry expertise, LIC HFL is a respected and trusted financial services company.
The scrip added 0.38% to end at Rs 632 on Friday, 2 January 2024.