LIC Housing Finance posts 12% September quarter profit at ₹1,507cr
LIC Housing Finance just shared some good news: its net profit for the September quarter went up by 12% compared to last year, hitting ₹1,507 crore.
This boost mainly came from a reversal of impairment charges and improved asset quality, with fewer bad loans on its books.
Total income also edged up a bit to ₹7,194 crore.
LIC Housing Finance identifies ₹19,610cr reclassification
The company managed to turn around earlier losses on financial instruments, helping clean up its balance sheet.
Non-performing assets (NPAs) dropped. Gross NPAs improved to 2.05% from 2.51%, showing it is handling loans more carefully now.
LIC Housing Finance also identified ₹19,610 crore of loans for reclassification from housing to non-housing categories, but this did not really change its overall loan size.
Interest income grew slightly too, though rising finance costs meant expenses crept up as well.