LIC Housing Finance Q3 standalone net profit up 26%

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Mumbai, Jan 30 (IANS) LIC Housing Finance on Wednesday reported an increase of 26 per cent in its standalone net profit for the quarter ended December 31, 2018.

The company said in a statement that the net profit for the quarter under review increased to Rs 596.31 crore from Rs 475.10 crore during the same period previous year.

According to the company: “As per NHB (National Housing Bank) norms total Gross NPAs for the company including NPAs on developer loans was 1.26 per cent as on December 31, 2018 as against 0.87 per cent as on December 31, 2017. Gross NPAs in individual segment was 0.93 per cent as on December 31, 2018.”

“Net NPAs stood at 0.85 per cent as on December 31, 2018 as against 0.49 per cent as on December 31, 2017. Total provision including general provision on standard loans is Rs 1,491 crores as on December 31, 2018 against Gross NPAs of Rs 2,290 crores on the same date.”

Besides, the company’s net interest income for the quarter increased by 41 per cent to Rs 1,042 crore from Rs 737 crore during the same period previous year.

–IANS

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