LIC Housing Finance Q4 net profit falls 5%
Shares of LIC Housing Finance eased 3% in the early trade on June 16 a day after the mortgage lender reported 5% decline in its profit after tax to Rs 398.92 crore in the quarter ended in March 2021 due to higher provisioning for bad loans.
It had reported a profit after tax of Rs 421.43 crore in the year ago period.
For FY20-21, net profit grew by 14% to Rs 2,734.34 crore as against Rs 2,401.84 crore in the previous year.
During the quarter, provisions stood at Rs 1,000 crore and total disbursements were at Rs 22,362 crore in Q4 FY2021, up 97% as against Rs 11,323 crore in the year-ago period.
Net interest income (NII) rose by 33% to Rs 1,505 crore, as against Rs 1,134 crore for the same period in the previous year.
Interestingly, it has witnessed highest ever disbursement.
The preferential allotment of Rs 2,300 crore of equity to promoter LIC. The capital raise a welcome and positive move as it suggests growth to be making a comeback.
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