LIC Housing Finance Ltd (LICHFL) on Friday reported a 39% decline in its internet revenue to Rs 421.43 crore for the March 2020 quarter.
The mortgage financier’s revenue stood at Rs 165 crore in a year-ago interval.
The corporate’s internet curiosity revenue declined 9% to Rs 1,089 crore within the January-March quarter of the present fiscal as in comparison with Rs 1,202 crore in a year-ago interval. Its internet curiosity margin (NIM) stood at 2.34% in FY20 as towards 2.38% in the identical interval final 12 months.
The mortgage financier had reported a revenue after tax of Rs 693.58 crore within the year-ago interval.
“Contemplating the headwinds as a result of basic financial slowdown, we’ve registered an honest efficiency. The COVID-19 pandemic has thrown up contemporary challenges of a magnitude by no means witnessed in many years,” the corporate’s MD and CEO Siddhartha Mohanty mentioned.
For the 12 months 2020, the agency’s internet revenue registered a flat development at Rs 2,403.66 crore as towards Rs 2,434.37 crore in FY19. The housing finance firm’s revenue for FY20 rose to Rs 19,706.88 crore, from Rs 17,398.46 crore in FY19.
Its particular person mortgage portfolio stood at Rs 1.96 lakh crore, up eight% YoY, whereas its undertaking mortgage portfolio grew 9% YoY to Rs 14,237 crore. The corporate’s provisioning for dangerous loans rose 71% YoY to Rs 2,612 crore.
LIC Housing Finance board has really helpful a dividend of Rs eight per fairness share, topic to shareholder’s approval on the forthcoming annual basic assembly.
Shares of LIC Housing Finance on Friday closed zero.32% greater at Rs 284.75 on BSE.
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