LIC Housing Finance shares jump nearly 13% as the firm sees 6% rise in profit

Shares of LIC Housing Finance (LICHFL) on January 28th, 2022 zoomed nearly 13 percent after the firm reported a 6 percent increase in profit after tax for the quarter ended December 2021. The stock jumped 12.63 percent to Rs 389 on the BSE. On the NSE, it rallied 12.59 percent to Rs 389.

Mortgage lender LIC Housing Finance on January 27th, 2022 reported a 6 percent increase in profit after tax at Rs 767.33 crore for the quarter ended December 2021, aided by higher collections and a drop in provisions. It had reported a profit after tax of Rs 727.04 crore in the same period of the previous fiscal.

The lender reported better growth in the quarter due to higher disbursements during the festive season. Provisions during the quarter stood at Rs 355 crore as against Rs 665 crore made in the second quarter of this fiscal.

Net interest income (NII) grew 14 percent to Rs 1,455 crore, as against Rs 1,281 crore for the same period in the previous year.Net interest margin (NIM) improved to 2.42 percent as against 2.36 percent.

Source: Business Standard