LIC Housing Finance’s Q3 net profit down 2%

LIC Housing Finance’s Q3 net profit down 2%
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Mumbai: Housing finance major LIC Housing Finance on Thursday reported a fall of 2 per cent in its net profit for the third quarter (Q3) of 2017-18.

According to the company, its net profit during the quarter under review decreased to Rs 491.07 crore from Rs 499.26 crore reported for the corresponding period of last fiscal.

“The company’s total income for Q3 FY18 was Rs 3,768 crore as against Rs 3,549 crore during the same period previous year, a growth of 6 per cent,” the company said in a statement.

“Revenue from operations grew 6 per cent from Rs 3,528 crore to Rs 3,738 crore. Net interest income was Rs 898 crore, as against Rs 915 crore for the same period last year.”

Further, the company’s total “Gross NPAs” including NPAs on developer loans stood at 0.87 per cent as on December 31, 2017 as against 0.56 per cent as on December 31, 2016.

“Gross NPAs in individual segment was 0.47 per cent as on December 31, 2017 as against 0.32 per cent as on December 31, 2016. Net NPAs stood at 0.49 per cent as on December 31, 2017 as against 0.27 per cent as on December 31, 2016,” the statement said.

“Total provision including general provision on standard loans is Rs 1,227 crore as on December 31, 2017 against Gross NPAs of Rs 1,360 crore on the same date.”

IANS