LIC Housing Finance profit grows by 35% in Q2

LIC Housing Finance has recorded a 35% year-on-year (YoY) growth in net profit to Rs 772.20 crore for the quarter ended September on the back of lower tax expenses.

The company gained a net interest income, the difference between interest earned and interest expended, of Rs 1213 crore in the quarter, a growth of 16% compared to the year-ago period.

Net interest margin stood at 2.42%, a one basis point rise from last year. While the total income of the company came in at Rs 4,979 crore and recorded an 18% YoY increase, the tax expense came down to Rs 83.66 crore from Rs 230.21 crore in the previous quarter.

In July-September period, the total disbursements came in at Rs 12,173 crore, a 14.8% decrease compared to Q2FY19. The disbursal of individual home loans registered a growth of 16% to Rs 10,136 crore.