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58 Percentage net down profit on Q2 for LIC Housing Finance

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As a part of influence of the Economic slow down the arm of the India’s largest insurance sector LICHS has announced a net depletion of 58 percent in profit amounting Rs 98 crore at the September ended second quarter due to the reason of higher provisioning. They earlier declared a net profit of Rs 234 crore in the same period last year.
During the various circumstances this quarter was a challenge to all the major business to grow up their profit amount on account of the rate hikes in various mode of the business. But interestingly despite the adverse situation the company has managed to deliver an improved asset quality as stated by CEO and director V K Sharma LICHF. Reportedly the net income of the company grew up to 37 per cent during the second quarter amounting Rs 1515 Crore as compared to that of consequent period last year. On the other hand for the second year quarter the net margin was recorded at 2.45 against the 2.93 per cent at the same instance of previous year. The reason behind this was the increased rate of interest. Impressively the finance company has disbursed hefty loans touching an amount of Rs 4736 Crore for the individual segments with a growth of 24 per cent as compared with the second quarter of the last economic year. But the percentage has been lowered down towards the loan section to the developers from Rs 1283 to Rs 412 crore for the same quarter of the last year. There is an exceptional growth in the mortgage portfolio of LICHF in the second quarter that toped to 29 percent with Rs 56098 Crore against the last year’s Rs 43385 in the same second quarter. Coming to the shares of the company, it came down to .67 per cent with Rs 230.30 on the BSE.
Source: NIMMA BENGALURU

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