LIC Housing Finance Q4 Results:
On Wednesday, mortgage financier LIC Housing Finance reported a 7.5% decline in its net profit, which stood at Rs 1,091 crore for the fourth quarter ended March 2024. This is down from Rs 1,180 crore in the same period last year.
However, total income for the quarter increased to Rs 6,937 crore, up from Rs 6,415 crore in the corresponding period last year, as stated in a regulatory filing. The company’s interest income also rose, reaching Rs 6,888 crore compared to Rs 6,378 crore in the fourth quarter of the previous year.
During the quarter ended March 31, 2024, LIC Housing Finance reversed a provision of Rs 31.56 crore related to investments in Alternate Investment Funds (AIFs) in accordance with an RBI circular dated March 27, 2024.
The company’s asset quality improved, with gross non-performing assets (NPAs) decreasing to 3.31% from 4.41% at the end of March 2023. Similarly, net NPAs declined to 1.43% from 2.5% in the same period.
For the financial year ending March 2024, LIC Housing Finance posted a 65% increase in profit, reaching Rs 4,765 crore compared to Rs 2,891 crore in the previous fiscal year. The board recommended a dividend of Rs 9 (or 450%) per share of face value Rs 2 each for the financial year 2023-2024.
