Total revenue from operations grew to R 6,746.51 crore as against Rs 5,285.46 crore in Q1 FY2023, recording a growth of 27.6%.

Net interest income (NII) jumped 39% to Rs 2,209.44 crore in the June quarter from Rs 1,592.48 crore reported in Q1 FY23. Net interest margin (NIM) for the quarter improved to 3.21% as compared to 2.51% registered in the same period a year ago.

Profit before tax in Q1 FY24 stood at Rs 1,648.99 crore, up 44.6% from Rs 1,140.36 crore posted in Q1 FY23.

Total disbursements dropped 28.59% to Rs 10,856 crore in Q1 FY24 as against Rs 15,202 crore recorded in the corresponding quarter previous year.

Out of this, disbursements in the Individual Home Loan segment were at Rs 9,419 crore, down 28.28% from Rs 13,133 crore in Q1 FY23. Project loans in the first quarter stood at Rs 251 crore, declining 18.77% as compared with Rs 309 crore registered in Q1 FY23.

The Individual Home Loan portfolio stood at Rs 2,31,087 crore, as against Rs 2,09,599 crore as on 30 June 2022, up by 10%. The Project loan portfolio stood at Rs 11,321 crore as on 30 June 2023, down 9.02% as against Rs 12,443 crore on the same date last year. The total outstanding loan portfolio grew 8% to Rs 2,76,440 crore from Rs 2,55,712 crore in the earlier year.

The provisions for expected credit loss (ECL) stood at Rs 7,590.68 crore as on 30 June 2023, as against Rs 6,141.03 crore as on 30 June 2022. The stage 3 exposure at default as on 30 June 2023, stood at 4.96 % compared to 4.96% as on 30 June 2022.

T. Adhikari, managing director & chief executive officer of LIC Housing Finance said, “In the current financial year our aim is to expand our branch network in newer geographies to match the increase in demand. We are seeing an uptick in all categories of segment. Overall business indicators are positive despite high interest rates in the system. In the past, we have taken a lot of initiatives to improve the long-term performance of our company, which should hopefully start showing impact from the current year and help us to consolidate our position as the largest housing finance company in India.

I look forward to redefine the way borrowers access housing finance and get a differentiated experience of home loan journey. Our priority is to build upon our distribution strength by way of continuous nurturing to expand our reach.”

LICHFL is one of the largest housing finance companies in India. It has one of the widest networks of offices across the country and representative offices in Dubai. LICHFL is promoted by Life Insurance Corporation of India and it held 45.24% stake in the company as on 30 July 2023.