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LIC Housing Finance announces its Q2 FY2022 results

Q2 FY2022 Profit After Tax of Rs. 247.86 crs
Individual Home Loan Disbursements Rs. 14330 crs up by 38%.
Outstanding Loan portfolio at Rs. 237660 crs up by 11%.
Net Interest Income Rs. 1173 crs Mumbai, (Global News) : The Board of Directors of LIC Housing Finance Limited (LICHF) announced its un-audited results for the second quarter ended on September 30, 2021, following its approval by the Board of Directors in a meeting held in Mumbai on 21, October 2021. The results are in accordance with the Indian Accounting Standards i.e. IndAS notifications issued by the Ministry of Corporate Affairs and National Housing Bank in April 2018. There has been significant improvement in business in Q2 FY2022 compared to the corresponding previous quarter. With gradual lifting of restrictions post the second wave business operations marked a significant improvement. Performance highlights for the quarter ended September 30, 2021: There has been significant improvement in business in Q2 FY2022 compared to the corresponding previous quarter with gradual lifting of restrictions post the second wave. During the quarter, total disbursements were Rs. 16110 crs as against Rs. 12443 crs at a growth of 29% and Individual Home Loan disbursements were Rs. 14330 crs as against Rs. 10373 crs up by 38%, whereas project loans were Rs. 353 crs as against Rs. 803 crs .Considering the disbursements for the Q2 FY22, the company has achieved 132% of pre-covid level of Q2 FY20 . The company's total income for Q2 FY2022 quarter was Rs. 4715 crs as compared to Rs. 4982 crs during the same period in the previous year. The revenue from operations were Rs. 4708 crs as against Rs. 4969 crs. The Net Interest Income was Rs. 1173 crs, as against Rs.1238 crs for the same period in the previous year. Profit before Tax for the quarter was Rs. 308.95 crs as against Rs. 1009.26 crs. Net profit after tax stood at Rs. 247.86 crs as compared to Rs. 790.90 crs during the same period previous year. The total loan portfolio stood at Rs. 237660 crs as against Rs. 213349 crs, a growth of 11 %, out of which Individual Home Loans grew at 15% from Rs. 163218 crs.to Rs.188348 crs. Net Interest margins for Q2 ended September 30, 2021, were at 2.00% as against 2.20% for Q1 FY22. Collection efficiency for regular customers for the month of September 2021 stood at 99%. Under IndAS 16, asset classification and provisioning changes for future credit loss are reported on Expected Credit Loss (ECL) basis, as per the same methodology, the provisions for ECL stood at Rs.5354.90 crs with a coverage of 43.72% on Stage 3 as on September 30, 2021, as against Rs. 2771.92 crs as on September 30, 2020. The Stage 3 Exposure at Default as on September 30, 2021 stood at 5.14% as against 2.79% as on September 30, 2021 and 5.93% as on June 30 2021. Covid 19 related provision stood at Rs. 314.44 crs as on 30.09.2021.

LIC Housing Finance announces its Q2 FY2022 results
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