LIC Housing Fin Q2 net profit grows 12% YoY

LIC Housing Finance reported a 12% year-on-year increase in consolidated net profit to ₹1,507 crore for the September quarter from ₹1,349 crore a year earlier, aided by a reversal of impairment charges and improved asset quality. Total income rose 1.5% to ₹7,194 crore from ₹7,090 crore, while interest income increased 1% to ₹7,122 crore. Finance costs edged up to ₹5,023 crore from ₹4,995 crore.

The housing financier reported a ₹93 crore reversal of impairment on financial instruments, against a charge of ₹72 crore a year earlier. Gross non-performing assets declined to 2.05% from 2.51%, while net NPAs improved to 1.06% from 1.19%.

Separately, the company identified ₹19,610 crore of loans for reclassification from housing to non-housing finance, saying the change would not materially affect total loan assets.