NEW DELHI: Mortgage lender LIC Housing Finance today reported a marginal 2 per cent growth in its net profit at Rs 539.33 crore in the quarter ended March, due to rise in bad loans.
The company had reported a profit after tax of Rs 529.19 crore in the year-ago period.
Total gross non-performing assets (NPAs) in the March quarter, including NPAs on developer loans, was 0.78 per cent, against 0.43 per cent in the same period last year. Gross NPAs in the individual segment stood at 0.42 per cent.
Net NPAs stood at 0.43 per cent in the January to March period, against 0.14 per cent in the year-ago period.
Net interest margins stood at 2.49 per cent, compared with 2.97 per cent in the March quarter last year.
Total income in period grew 7 per cent to Rs 3,934 crore, compared with Rs 3,662 crore.
Total disbursements rose 15 per cent to Rs 17,402 crore from Rs 15,192 crore. Of that, disbursements in the individual home loan segment registered a 17 per cent to Rs 10,838 crore from Rs 9,253 crore, whereas total disbursements in project loans was Rs 2,266 crore as against Rs 1,232 crore in the same quarter last year.
The individual loan portfolio increased 14 per cent to Rs 1,58,270 crore, compared with Rs 1,39,024 crore last year, while the developer loan portfolio stood at Rs 8,093 crore as on March 31, 2018, against Rs 5,510 crore as on March 31, 2017.
Source: Press Trust of India