LIC Housing Finance Ltd. (LIC HFL) reported standalone net profit for the quarter ended March rose 6% year-on-year to ₹1,180 crore.
Revenue from operations grew 21% to ₹6,415 crore. Net interest income rose 22% to ₹1,990 crore and net interest margin stood at 2.93% against 2.64%, the lender said in a statement.
Total disbursements declined to ₹16,027 crore from ₹19,315 crore. Out of this, disbursements in individual home loans were ₹12,406 crore and project loans were ₹1,554 crore.
The board recommended a dividend of ₹8.50 per share.
“We have witnessed a steady growth in our outstanding loan portfolio as well as in the disbursements numbers during the last year. Asset quality has also shown stability with further improvement,” said MD & CEO Y. Viswanatha Gowd.
During FY24, the company plans to open new branches, create clusters for better turnaround time and implement SAP.
The individual home loan portfolio grew 12% to ₹2,28,730 crore and project loan portfolio stood at ₹11,738 crore against ₹12,978 crore. The total outstanding portfolio grew at 9.53% to ₹2,75,047 crore.
