HT Bureau
GUWAHATI, Aug 23: The Board of Directors of LIC Housing Finance Ltd. (LIC HFL) announced its unaudited results for the first quarter ended on June 30, 2022, following its approval by the Board of Directors in a meeting held recently in Mumbai. Total disbursements were at Rs 15201 crores in Q1 FY2023, as against Rs 8652 crores for the corresponding period in Q1 FY2022, a growth of 76%.
Net Interest Income (NII) rose by 26% to Rs 1610.19 crores, as against Rs 1275.31 crores for the same period in the previous year. Net Interest Margin (NIM) for the quarter stood at 2.54% as against 2.20% for Q1FY2022. Profit Before Tax for the quarter was Rs 1140.36 crores as against Rs 192.93 crores in Q1FY2022, a growth of 491%. The Individual Home Loan portfolio stood at Rs 209599 crores, as against Rs 182055 crores as of June 30, 2021, up by 15%.
Speaking on the performance, Y Viswanatha Gowd, managing director & chief executive officer of LIC Housing Finance Limited said, “With the easing of pandemic and better economic activity, there was an overall improvement in our segment. The hybrid work model has been widely accepted across the country, resulting in higher demand for better, larger residential units. This market trend assisted us with higher disbursements and improved financial performance during the current quarter. Our ongoing digital transformation initiatives continue to add value and increase efficiency. In the current quarter, around 20% of disbursements were initiated through our HomY App. This has helped our company to have better penetration among younger home loan borrowers.”
