LIC Housing's Q2 PAT and NII up 20 %; stock flat

Housing finance major, an arm of LIC, has come out with its quarterly earnings during market hours on Thursday, October 20. LIC Housing Finance has posted a rise in net profits by 20.2 per cent to Rs 494.7 crore as against Rs 411.74 in the year ago period.

Total income from operations has increased 12.8 per cent to Rs 3,456.5 crore as against Rs 3064.7 crore in the corresponding period of the last fiscal.

Net interest income has grown by 20.8 percent to Rs 865.7 crore in the quarter ended September 2016 compared with Rs 716.9 crore in the year-ago period; and net interest margin (NIM) has improved to 2.68 per cent from 2.56 per cent in same period.

Provisions for bad loans has remained unchanged at Rs 30.3 crore against Rs 30 crore on a yearly basis, but has seen a sequential drop as it has fallen by 74 per cent to Rs 116.5 crore.

Shares of LIC Housing Finance traded flat with a negative bias at Rs 607.3 on NSE. Company’s good financial performance has reflected in the returns too as housing lender has delivered returns in excess of 20 per cent in the past quarter.