LIC Housing Finance Q3 Profit More Than Doubles To Rs 1,163 Crore

Mortgage lender LIC Housing Finance Ltd. on Friday reported a more than two-fold jump in profit at Rs 1,163 crore in the third quarter ended December 2023.

The housing finance subsidiary of Life Insurance Corp. had earned a net profit of Rs 480 crore in the same quarter a year ago.

Its total income increased to Rs 6,792 crore during the quarter under review against Rs 5,876 crore in the same period last year, LIC Housing Finance said in a regulatory filing.

The interest income of the company rose to Rs 6,744 crore as against Rs 5,839 crore in the third quarter of the previous year.

During the quarter ended Dec. 31, 2023, the company has made a provision of Rs 50.32 crore in respect of Investment in Alternate Investment Funds (AIFs) pursuant to a Reserve Bank of India circular dated Dec. 19, 2023.

However, the company's Capital Adequacy Ratio improved to 19.77% as against 17.74% at the end of December 2022.