Net interest income (NII) during the quarter improved by 22.11% to Rs 1,990.30 crore from Rs 1,629.87 crore recorded in the same period last year. Net interest margin (NIM) was 2.93% in Q4 FY23 as compared with 2.64% in Q4 FY22.
Profit before tax in Q4 FY23 stood at Rs 1,444.78 crore, up by 9.92% from Rs 1,314.41 crore in Q4 FY22.
Total disbursements were at Rs 16,027 crore in Q4 FY23, as against Rs 19,315 crore for the corresponding period in FY22. Out of this, disbursements in the individual home loan segment at Rs 12,406 crore against Rs 16,341 crore in Q4 FY22. Project loans in the fourth quarter were at Rs 1,554 crore compared with Rs 428 crore in Q4 FY22.
The individual home loan portfolio stood at Rs. 2,28,730.02 crore as on 31 March 2023, up by 12.07% YoY. The project loan portfolio stood at Rs 11,738 crore as on 31 March 2023, as against Rs 12,978 crore as on 31 March 2022. The total outstanding portfolio grew at 9.53% to Rs 2,75,047 crore from Rs 2,51,120 crore in the earlier year.
The provisions for expected credit loss (ECL) stood at Rs 7,230.26 crore as on 31 March 2023, as against Rs 5,839.11 crore as on 31 March 2022. The stage-3 exposure at default as of 31 March 2023, stood at 4.37% against 4.64% as of 31 March 2022.
For the year ended 31 March 2023, LICHFL's revenue from operations stood at Rs. 22,656.95 crore as against Rs 19,919.07 crore for the year ended 31 March 2022, up by 13.75%.
Net profit after tax for the year ended 31 March 2023, was Rs 2,891.03 crore as against Rs 2,287.28 crore during the same period in the previous year, up by 26.40%.
The company's board has approved a dividend of Rs 8.50 per share for financial year 2022-23. Y. Viswanatha Gowd, managing director & chief executive officer of LIC Housing Finance, said, “We have witnessed a steady growth in our outstanding loan portfolio as well as in the disbursements numbers during the last year.
Asset quality has also shown stability with further improvement. A lot of initiatives have been taken during the last year and proposed for current year, including opening of new branches, creation of clusters for better turnaround time, implementation of SAP etc.
Also, Government's infra push will continue to be positive for the Indian real estate market; leading to more buoyancy for the housing finance sector.”
LIC Housing Finance is one of the largest housing finance companies in India. It has one of the widest networks of offices across the country and representative offices in Dubai. In addition, the Company also distributes its products through branches of its subsidiary LIC HFL Financial Services Ltd. LICHFL is promoted by Life Insurance Corporation of India and it held 45.24% stake in the company as on 31 March 2023.
The scrip tumbled 5.40% to currently trade at Rs 373.75 on the BSE.