LIC Housing Finance Reports Improved Business in Q2 FY2022

The Board of Directors of LIC Housing Finance Limited (LICHF) announced its un-audited results for the second quarter ended on September 30, 2021 showing significant improvement in business in Q2 FY2022 compared to the corresponding previous quarter. The company's total income for Q2 FY2022 quarter was ?4,715 crores as compared to ?4,982 crores during the same period in the previous year. The revenue from operations were ?4,708 crores as against ?4,969 crores. The Net Interest Income was ?1,173 crores, as against ?1,238 crores for the same period in the previous year. Profit before Tax for the quarter was ?308.95 crores as against ?1,009.26 crores. Net profit after tax stood at ?247.86 crores as compared to ?790.90 crores during the same period previous year. The total loan portfolio stood at ?23,7660 crores as against ?21,3349 crores, a growth of 11 %, out of which Individual Home Loans grew at 15% from ?16,3218 crores to ?18,8348 crores. Collection efficiency for regular customers for the month of September 2021 stood at 99%. Speaking on the performance, Mr. Y. Viswanatha Gowd, MD & CEO, LIC Housing Finance said, "Business gradually improved towards the end of first quarter in line with the overall sentiments. This is reflected in higher disbursements in Q2 and our impressive performance. The Company expects a better Q3 which coincides with the festival season and hopes to grow the business volumes in the quarters ahead.  Collection efficiencies too witnessed recovery in Q2 FY2022 compared to previous quarter resulting in a decline in stage 3 assets. The recent RBI's monetary policy has once again reiterated the supportive posture taken. And will further improve the home buying activities in the forthcoming festive season.”