LIC Housing Finance Sees Profit Boost Amid Rising Income

LIC Housing Finance has announced a 5% rise in its profit, reaching Rs 1,360 crore during the first quarter of this fiscal year. This is a noticeable increase compared to the Rs 1,300 crore profit reported in the same period last year.

The company's total income saw a boost as well, climbing to Rs 7,233 crore against last year's Rs 6,784 crore. Interest income contributed significantly to this growth, increasing to Rs 7,113 crore from Rs 6,739 crore in the previous year's first quarter.

Despite rising expenses amounting to Rs 5,534 crore compared to Rs 5,155 crore last year, LIC Housing Finance showcased improved asset quality. The gross non-performing assets (NPAs) improved to 2.62%, and net NPAs decreased to 1.3%.

(With inputs from agencies.)