LIC Housing Finance reported a 37% year-on-year decline in Q3 (Q3FY23) stand-alone net profit to Rs 480 crore due to increased loan loss provisions even as total outlays declined.
The independent housing finance company had posted a net profit of ₹767 crore in the prior-year quarter.
Net interest income (difference between interest earned and interest spent) increased 10% YoY to ₹1,606 crore (₹1,455 crore in the prior-year quarter).
Provisions for credit losses (impairment of financial instruments) shot up just over double to ₹763 crore (₹356 crore).
Total outlays were down around 9 percent year-on-year at ₹16,100 crore i (₹17,770 crore). Of this, disbursement in the individual home loan segment decreased by around 11 per cent to ₹13,580 crore (₹15,341 crore), while project loans increased by 46 per cent to ₹427 crore. rupees. (293 crores).
As of the end of December 2022, the individual home mortgage loan portfolio stood at ₹223,064 crore vs. ₹195,901 crore (as of the end of December 2021), a growth of 14%. The project loan portfolio stood at ₹10,857 crore. (₹14,091 crore).
The Net Interest Margin (NIM) remained unchanged at 2.42 percent.
Provisions for expected credit losses stood at ₹7,285 crore as of December 31, 2022 with 51% coverage, up from ₹5,716 crore as of December 31, 2021 and ₹6,522 crore as of September 30 2022, according to HFC standards. statement.
Stage 3 exposure in default as of December 31, 2022 stood at 4.75 percent from 5.04 percent as of December 31, 2021 and 4.90 percent as of September 30, 2022, it added.
