As per the Q2 report of LIC housing finance it has decline in net profit by 58percent (Rs.98cr) for the second quarter dated September30, on account of higher provisioning.
Whereas, according to the yesteryears report it has posted a net profit of Rs. 234cr in the year ago period.
“The quarter has been a challenging one in terms of overall business environment, especially in view of successive rate hikes in the system.
LIC Housing Finance Director and CEO V K Sharma said that “despite the severe condition of market company has been posted a huge growth and also been successful in delivering an improvement in asset quality.”
However, comparatively previous year’s income ie, Rs.1107cr company has earned income of Rs.1515 it means rose by 37percent in the current fiscal year.
On the other hand, net interest margins for the second quarter stood at 2.45 per cent against 2.93 per cent during the same period last year primarily due to increase in interest rates.