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MUMBAI: Shares of LIC Housing Finance (LICHF) surged 11.5% on Tuesday after it reported a 35.3% year-on-year rise in its June quarter consolidated internet revenue to ₹824 crore.
At 0300pm, shares of LIC Housing Finance traded over 8% larger at ₹299, whereas the benchmark Sensex was up 0.15% at 38855.39.
The firm’s revenue earlier than tax rose 21% year-on-year to ₹1,017.67 crore. Total income from operations stood at ₹5,011.50 crore, up 4% from the year-ago interval.
Analysts at Motilal Oswal in a consequence word mentioned, “LICHF’s gross non-performing loans ratio was stable at 2.8%, driven by both retail and corporate delinquencies. However, the company did not make any large covid-19-related provisions this quarter. In the current pandemic situation, the company would face further headwinds on asset quality, especially in loan against property (LAP) and builder loans. In addition, LICHF’s tier I ratio of 12.3% is lower than its peers. Individual disbursements in the quarter were 35% of June quarter levels largely driven by smaller cities, disbursements in June is at least 60% of June 2019 levels”. The brokerage has a purchase ranking on the inventory.
The firm’s internet curiosity earnings (NII) rose a marginal to ₹1,220.61 crore in Q1FY21 from ₹1,181.86 crore in Q1FY20. Net curiosity margin (NIM) declined to 2.3% from 2.4% for a similar interval within the earlier yr.
Total disbursements have been at ₹3,560 crore within the first quarter in contrast with ₹10,261 crore within the corresponding interval a yr ag. Of this, disbursement in particular person residence mortgage section was at ₹3,034 crore as in opposition to ₹7,871 crore whereas mission loans have been at ₹159 crore in contrast with ₹829 crore.
Individual mortgage portfolio rose 6% to ₹1,95,176 crore from ₹1,84,155 crore. Of that residence mortgage portfolio grew 6.4%. Developer mortgage portfolio stood at ₹14,641 crore as on June 30 as in opposition to ₹13,614 crore a yr in the past.
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