Total income stood at Rs 6,758.75 crore in the second quarter of FY24, registering a growth of 32.73% from Rs 5,092.02 crore posted in Q2 FY23.

Total revenue from operations grew by 32.78% year on year to Rs 6,752.83 crore during the quarter.

Profit before tax soared to Rs 1480.06 crore in the September quarter as against Rs 378.85 crore recorded in Q2 FY23.

Net interest income (NII) surged 83% to Rs 2,107 crore in Q2 FY24 from Rs 1,150 crore reported in Q2 FY23. Net interest margin (NIM) improved to 3.04% in Q2 FY24 as compared to 1.78% registered in the same period a year ago.

Total disbursements declined 12.64% to Rs 14,665 crore in Q2 FY24 as against Rs 16,786 crore recorded in the corresponding quarter previous year.

Out of this, disbursements in the individual home loan segment were at Rs 12,516 crore in Q2 FY24, down 12.47% from Rs 14,300 crore in Q2 FY23. Project loans in the second quarter stood at Rs 433 crore, recording a growth of 6% as compared with Rs 407 crore registered in Q2 FY23.

The total loan portfolio stood at Rs 2,77,987 crore as on 30 September 2023, up 6% as against Rs 2,62,336 crore as on 30 September 2022. Out of which individual home loans grew 8% to Rs 2,34,509 crs as on 30 September 2023 from Rs 2,16,771 crore as on 30 September 2023.

The provisions for expected credit loss (ECL) stood at Rs 6,512 crore with a coverage of 41% on Stage 3 as on 30 September 2023 as against Rs 6,522 crs as on 30 September 2022.During the quarter, the company has done technical write off of Rs 925.05 crore.

The Stage 3 exposure on default as on 30 September 2023 stood at 4.33% as against 4.90% as on 30 September 2022 and 4.96% as on 30 June 2023.

Tribhuwan Adhikari, managing director & chief executive officer of LIC Housing Finance, said, “Demand continues to remain robust as the overall economy is doing well along with stabilization of interest rates. Buying their first home remains the topmost priority of India’s growing middle-class population. Our aim has been to focus on two fronts.

The first is to consolidate our position as a market leader by building on distribution strength. The second and equally important effort is on the recovery front, to reduce non-performing assets (NPA).The initial trends from this festive season are in a positive direction and hopefully, we should be able to maintain the current growth trajectory in the remaining quarters of this financial year.”

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 slipped 3.10% to Rs 443.55 on the BSE.