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.
This story is from the November 03, 2022 edition of Business Standard.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the November 03, 2022 edition of Business Standard.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Cold wave, dense fog grip North India: Several flights delayed, schools shut
Low visibility conditions continued in Delhi on Sunday, while the Jharkhand government announced closure of schools from January 7-13 in view of a cold wave sweeping the eastern state.
Parts of US brace for heavy snow, ice, and blizzards
A blast of snow, ice, wind and plunging temperatures stirred up dangerous travel conditions in parts of the central US on Sunday, as a disruptive winter storm brought the possibility of the \"heaviest snowfall in a decade\" to some areas.
Delhi-Meerut travel now in 40 mins, via RRTS
PM also inaugurates Delhi Metro's Phase-IV stretch
Tighter anti-spam norms in a month: Trai
Pilot soon to onboard past user consents onto digital system
2025: Polls and the Fate of Freebies
This year will have the fewest elections of any in the current five-year electoral cycle. What does that mean for welfare schemes?
2024: The year that tested incumbents around the world
Apart from Assembly polls in Delhi and Bihar, 2025 could also see the long pending election to the country's wealthiest civic body, the Brihanmumbai Municipal Corporation.
India Is A Great Innovation Hotspot For Lenovo
Chinese technology major Lenovo has been reinventing itself in India, moving from screen to solutions every few years. Shailendra Katyal, managing director, Lenovo India, in a video interview with Pranjal Sharma, said India has become an important innovation hub for the company, which is also leveraging the country for exports. Edited excerpts:
India Ranked Second in Attacks by Threat Actors in 2024
Threat actors traded over 534 terabytes (TB) of data across industries and countries globally in 2024.
AI Euphoria May Fizzle Out Over Lack of Data
Tech giants are running out of data used to train AI systems. To overcome the problem, some companies are exploring new methods powered by 'synthetic data', write Cade Metz & Tripp Mickle
Prolonged litigation, low compensation
Bahadur Singh purchased a Mitsubishi Lancer diesel vehicle manufactured by Hindustan Motors.
