LIC Housing Finance (LIC HF) reported weak results for the July-September quarter (Q2) of 2022-23.
The second-largest gage issuer saw a sharp drop in net interest margin (NIM), which led to a big sequential fall in profit after tax (PAT).
As a result, investors sold down the stock. Credit costs rose due to high write-offs, which could, given LIC HF's significant market share, give rise to wider concern. However, disbursements were better than expected.
LIC HF reported a PAT of ₹305 crore, which was up 23 per cent year-on-year (YoY) but down 67 per cent quarter-on quarter (QoQ), due to higher operational expenses and credit costs of ₹570 crore.
Net interest income (NII) was flat YoY, and down 28 per cent QoQ, at 1,160 crore. The pre-provision operating profit (PPOP) at 945 crore was flat YoY and down 35 per cent QoQ.
Denne historien er fra November 03, 2022-utgaven av Business Standard.
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Denne historien er fra November 03, 2022-utgaven av Business Standard.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
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