LIC HFC Q1FY21 PBT up 21% to Rs 1,018 cr, NIM declines by 9 bps

The company said in a statement that due to the nationwide lockdown, there was significant impact on business during the quarter.
LIC Housing Finance Ltd’s profit before tax (PBT) rose 21 per cent to Rs 1,017.67 crore in first quarter ended June 2020 (Q1FY21) from Rs 840.89 crore in Q1FY20.

Its net profit for reporting quarter was up 34 per cent to Rs 817.48 crore from Rs 610.68 crore a year ago.

The firm's stock closed flat at Rs 276.7 a share on BSE.

LIC HF's net interest income (NII) rose marginally to Rs 1,220.61 crore in Q1FY21 from Rs 1,181.86 crore in Q1FY20. The net interest margin (NIM) declined to 2.32 per cent from 2.41 per cent for the same period in the previous year.

The company said in a statement that due to the nationwide lockdown, there was significant impact on business during the quarter. However, with the gradual opening up of the economy, business activity began improving, especially since June.

The loan portfolio stood at Rs 2,09,817 crore at end of June 2020, as against Rs 1,97,768 crore at end of June 2019. For the month of June, the retail disbursements were approximately 62 per cent of the corresponding figure of the previous year. Total disbursements were Rs 3,560 crore in Q1 FY2021 as against Rs 10,261 crore for the corresponding period in FY2020.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel