BUSINESS

LIC Housing Rise After Strong Q1 Performance

On Friday, LIC Housing Finance advanced 2.99 per cent to Rs 383.50 after the company’s net profit jumped six times to Rs 925.48 crore in the first quarter of FY23 from Rs 153.44 crore in the first quarter of FY22. The company’s revenue rose by 8.8 per cent yearly during the quarter to Rs 5,285.46 crore.

Net interest income improved by 26 per cent to Rs 1610.19 crore in Q1FY22. Net interest margin (NIM) for the quarter stood at 2.54 per cent against 2.20 per cent for the first quarter of FY22. Profit before tax in the first quarter of FY23 stood at Rs 15,201 crore against Rs 8,652 crore.

Y. Viswanatha Gowd, managing director & & chief executive officer of LIC Housing Finance, said, “Our ongoing digital transformation initiatives continue to add value and increase efficiency. In the current quarter, around 20% of disbursements were initiated through our HomY App. This has helped our company penetrate younger home loan borrowers better.”

LIC Housing Finance is India’s largest housing financing company with one of the widest networks of offices all over the country also has a representative office in Dubai.

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