LIC HOUSING FINANCE LIMITED PRESS RELEASE
LIC Housing Finance Ltd. announces its FY2024 results
FY2023-24 Profit after tax at Rs.4765.41 crs, up by 65 %
Net interest income for the quarter is Rs 2238 crs, up by 12 %
FY24 Individual Home Loan Disbursements at Rs 49103 crs
Net Interest Margins for Q4FY24 at 3.15%
Board proposes a dividend of 450 %
Mumbai, May, 15, 2024: The Board of Directors of LIC Housing Finance Ltd. (BSE:500253; NSE: LICHSGFIN) announced its standalone audited results for the fourth quarter ended on March 31, 2024, following its approval by the Board of Directors in a meeting held in Mumbai on May, 15, 2024.
Performance highlights at a glance - Q4 FY2024(Figures in Rs. Crores)
Quarter | Ended | Quarter | Ended | Variation(%) | ||||||
March 2024 | March 2023 | |||||||||
Revenue from operations | 6936.41 | 6415.11 | 8% | |||||||
Net Interest Income | 2237.60 | 1990.30 | 12% | |||||||
Profit Before Tax | 1476.18 | 1444.78 | 2% | |||||||
Net Profit after tax | 1090.82 | 1180.28 | -8% | |||||||
Net Interest Margin | 3.15% | 2.93% | ||||||||
Outstanding LoanPortfolio | 286844 | 275047 | 4% |
(1 crore =10 million)
Performance highlights for the quarter ended March 31, 2024
Total disbursements were at Rs. 18232 | crs in Q4 FY2024, as against | Rs | 16027 crs for the |
corresponding period in FY 2023, up by 14%. | Out of this, disbursements in | the Individual Home | |
Loan segment were at Rs. 14300 crs against Rs 12406 crs in Q4 FY2023,up | by 15%, whereas | ||
Project loans were at Rs. 1501 crs compared with Rs 1554 crs in Q4 FY2023. | |||
The company's revenue from operations grew to Rs. 6936.41 crs as against | Rs. | 6415.11 crs in Q4 | |
FY2023, a growth of 8 %. |
Net Interest Income (NII) rose by 12 % to Rs 2237.60 crs, as against Rs 1990.30 crs for the same period the previous year. Net Interest Margin (NIM) for the quarter stood at 3.15 % as against 2.93 % for Q4 FY 2023.
Profit Before Tax for the quarter was Rs. 1476.18 crs as against Rs 1444.78 crs in Q4 FY2023, a growth of 2%.
Net Profit After Tax stood at Rs. 1090.82 crs compared with Rs 1180.28 crs during the same period in the previous year.
The Individual Home Loan portfolio stood at Rs. 244205 Cr as on March 31, 2024, as against Rs. 228730 cr as on March 31, 2023, up by 7 %. The Project loan portfolio stood at Rs. 8036 crs as on March 31, 2024, as against Rs 11738 crs as on March 31, 2023. The total outstanding portfolio grew at 4 % to Rs. 286844 crs from Rs 275047 crs in the earlier year.
Under IndAS , asset classification and provisioning changes for future credit loss are reported on an Expected Credit Loss (ECL) basis.
As per the same methodology, the provisions for ECL stood at Rs. 6270.06 crs as on March 31, 2024, as against Rs 7230.26 crs as on March 31, 2023. The Stage 3 Exposure at Default as of March 31, 2024, stood at 3.31 % against 4.37 % as of March 31, 2023.
Performance highlights at a glance - FY2024
(Figures in Rs. Crores)
Year | Ended | Year | Ended | Variation(%) | ||||||||
March 31, 2024 | March 31, 2023 | |||||||||||
Revenue fromoperations | 27228.22 | 22656.95 | 20% | |||||||||
Net Interest Income | 8650.89 | 6330.26 | 37% | |||||||||
Profit before tax | 6053.92 | 3557.00 | 70% | |||||||||
Net Interest Margin | 3.08% | 2.41% | ||||||||||
Net Profit after tax | 4765.41 | 2891.03 | 65% | |||||||||
EPS (Share of Rs2 Face Value) | 86.63 | 52.56 |
(1 crs =10 million)
Performance highlights for the year ended March 31, 2024
For the year ended March 31, 2024, total disbursements stood at Rs. 58937 crs against Rs. 64115 crs for the same period of the previous year. Out of this, the individual home loan segment registered disbursements of Rs. 49103 crs, as against Rs 53459 crs for the same period of the previous year, whereas total disbursements under project loans stood at Rs. 2560 crs as against Rs 2697 crs for the previous fiscal.
The company's revenue from operations stood at Rs. 27228.22 crs as against Rs 22656.95 crs for the year ended March 31, 2023, up by 20%
Net Interest Income (NII) for 12 months was up by 37% to Rs. 8650.89 crs from Rs 6330.26 crs during the previous year.
Profit Before Tax (PBT) for FY 2024 was at Rs. 6053.92 crs against Rs 3557.00 crs during the previous year, up by 70%.
Net Profit After Tax for the year ended March 31, 2024, was Rs. 4765.41 crs as against Rs 2891.03 crs during the same period in the previous year, up by 65 %.
Net Interest Margin (NIM) for FY2024 stood at 3 . 0 8 % as against 2.41 % for the previous year.
Earnings Per Share (EPS) for the full year, FY2024 was at Rs. 86.63 per share (Share of Rs 2 Face Value) as against Rs 52.56 in FY2023.
The Board of Directors have recommended a dividend of 450 % .
Speaking on the performance, Shri. Tribhuwan Adhikari, Managing Director & Chief Executive Officer of LIC Housing Finance Limited said, "We have seen a healthy uptick across all home loan segments, especially during the latter half of the year. Our focus on reduction in NPA and control over cost of funds have enabled us to close the year with a record high margins and profits. In the coming year , we are confident of further improvement in all areas of operations ."
About LIC Housing Finance Ltd.
LIC Housing Finance Ltd. is the largest housing finance company in India. It has one of the widest networks of offices across the country and representative office in Dubai. In addition, the Company also distributes its products through branches of its subsidiary LIC HFL Financial Services Ltd. LIC Housing Finance Ltd was promoted by Life Insurance Corporation in 1989 and a public issue was made in 1994. It launched its maiden GDR offering in 2004. The company enjoys the highest rating from CRISIL & CARE indicating the highest safety regarding the ability to service interest and repay principal.
For further information please visit the website www.lichousing.com or contact:
Mr. Tribhuwan Adhikari
Managing Director & Chief Executive Officer LIC Housing Finance Ltd.
Tel: 022-2217 8602
Neha Sharma / Mohit Mishra
Veritas Reputation PR
Tel: 9664372349 / 8 4 3 3 8 8 9 6 1 9
Email:neha.sharma@veritasreputation.com
Email:mohit.mishra@veritasreputation.com
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LIC Housing Finance Limited published this content on 15 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 May 2024 15:43:17 UTC.
