Net interest income (NII) was Rs 1,606 crore, as against Rs 1,455 crore for the same period in the previous year, up by 10 %. Net interest margin (NIM) for the quarter ended 31 December 2022 remained stable at 2.42%.

Under IndAS 16, asset classification and provisioning changes for future credit loss are reported on an Expected Credit Loss (ECL) basis. As per the same methodology, the provisions for ECL stood at Rs 7,285.09 crore as on 31 December 2022 with a coverage of 51%, as against Rs 5,715.76 crore as on 31 December 2021 and Rs 6,522 crore as on 30 September 2022.

The stage 3 exposure at default as on 31 December 2022 stood at 4.75% as against 5.04% as on 31 December 2021 and 4.90% as on 30 September 2022.

The Individual Home loan portfolio stood at Rs 2,23,064 crore as against Rs 1,95,901 crore, a growth of 14%. Project Loan portfolio stood at Rs 10,857 crore as on 31 December 2022, as against Rs 14,091 crore as on 31 December 2021.

Total outstanding portfolio grew by 10 % to Rs 2,68,444 crore from Rs 2,43,412 crore.

Total disbursements were Rs 16,100 crore in Q3 FY2023 as against Rs 17,770 crore for the corresponding period in FY2022. Out of this, disbursement in the Individual Home Loan segment stood at Rs 13,580 crore against Rs 15,341 crore, whereas project loans were Rs 427 crore compared with Rs 293 crore for the same quarter in the previous year, up by 46%.

Y Viswanatha Gowd, MD & CEO, LIC Housing Finance, said, “After two years of pandemic induced restrains, enthusiasm among home buyers remained upbeat. Rising interest rates and inflationary trends continued to put upward pressure on home prices in many regions. Asset quality remained stable with an improving trend and margins expanded q-o-q.”

LIC Housing Finance is one of the largest housing finance companies in India. It has one of the widest networks of offices across the country and representative office in Dubai. In addition, the company also distributes its products through branches of its subsidiary LICHFL Financial Services. LIC Housing Finance is promoted by Life Insurance Corporation of India.

The scrip shed 0.57% to currently trade at Rs 386.10 on the BSE.