LIC Housing Finance Ltd announces its Q3 FY2023 results
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Mumbai: The Board of Directors of LIC Housing Finance Ltd. (BSE: 500253; NSE: LICHSGFIN) announced its un-audited results for the third quarter ended on December 31, 2022, following its approval by the Board of Directors in a meeting held in Mumbai on February 06, 2023.
The results are as per the Indian Accounting Standards i.e., Ind AS notifications issued by the Ministry of Corporate Affairs and National Housing Bank in April 2018.
Performance Highlights at a glance - Q3 FY 2023
Performance highlights for the quarter ended December 31, 2022
Total disbursements were Rs. 16100 crs in Q3 FY2023 as against Rs. 17770 crs for the corresponding period in FY2022. Out of this, disbursement in the Individual Home Loan segment stood at Rs. 13580 crs against Rs. 15341 crs, whereas project loans were Rs. 427 crs compared with Rs. 293 crs for the same quarter in the previous year, up by 46%.
The Company's Revenue from operations was Rs. 5871 crs as against Rs. 5054 crs, a growth of 16 %. Net Interest Income (NII) was Rs. 1606 crs, as against Rs. 1455 crs for the same period in the previous year, up by 10 %.
Net Profit after tax stood at Rs. 480.30 crs compared with Rs. 767.33 crs during the same period in the previous year. The Individual Home loan portfolio stood at Rs. 223064 crs as against Rs. 195901 crs, a growth of 14 %. Project Loan portfolio stood at Rs. 10857 crs as on December 31, 2022, as against Rs. 14091 crs as on December 31, 2021. Total outstanding portfolio grew by 10 % to Rs. 268444 crs from Rs. 243412 crs.
Net Interest Margin (NIM) for the quarter ended December 31, 2022 was 2.42 % as against 2.42 % in December 31, 2021. Under IndAS 16, asset classification and provisioning changes for future credit loss are reported on an Expected Credit Loss (ECL) basis.
As per the same methodology, the provisions for ECL stood at Rs. 7285.09 crs as on December 31, 2022 with a coverage of 51%, as against Rs.5715.76 crs as on December 31, 2021 and Rs. 6522 crs as on September 30, 2022. The stage 3 exposure at default as on December 31, 2022 stood at 4.75% as against 5.04% as on December 31, 2021 and 4.90 % as on September 30, 2022.
Performance Highlights at a glance - 9M FY2023
During the nine months ended December 31, 2022, total disbursements stood at Rs. 48088 crs as against Rs. 42532 crs for the same period of the previous year, up by 13 %. Out of this, individual home loan segment registered disbursement of Rs. 41053 crs, as against Rs 37321 crs, a strong growth of 10%.
Total disbursements under project loans stood at Rs. 1143 crs as against Rs. 884 crs for nine months ended December 31, 2021, up by 29%.
The Company’s Revenue from operations during this period was Rs. 16242 crs as against Rs. 14619 crs, up by 11%. Net Interest Income (NII) for nine months was Rs. 4379 crs as against Rs. 3897 crs during the same period of previous financial year, up by 12%
Profit before tax (PBT) for nine months in FY2023 was Rs. 2112.22 crs as against Rs. 1463.74 crs during the same period previous year, up by 44%. Net profit after tax for the nine months ended December 31, 2022, was Rs. 1710.75 crs as against Rs. 1168.64 crs during the same period previous year, up by 46%.
Speaking on the performance, Mr. Y Viswanatha Gowd, MD & CEO, LIC Housing Finance Ltd said, “After two years of pandemic induced restrains, enthusiasm among home buyers remained upbeat. Rising interest rates and inflationary trends continued to put upward pressure on home prices in many regions. Asset quality remained stable with an improving trend and margins expanded q-o-q .”
