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Press Release Q3 FY21

PRESS RELEASE

LIC Housing Finance Ltd announces its Q3 FY2021 results

Q3 FY 2020 - 2021 Profit after tax at Rs 727.04 cr up by 22 %

Q3 Individual Home Loan Disbursements Rs. 14511 Cr, up 36%
Outstanding loan portfolio at Rs 220197 crs
Net Interest Income Rs 1281 crs
Revenue from operations Rs 4907 crs

Mumbai, January 29, 2021: The Board of Directors of LIC Housing Finance Ltd. announced its un-audited results for the third quarter ended on December 31, 2020 following its approval by the Board of Directors in a meeting held in Mumbai on January 29, 2021.

The results are in accordance with the Indian Accounting Standards i.e., Ind AS notifications issued by the Ministry of Corporate Affairs and National Housing Bank in April 2018.

Performance highlights at a glance - Q3 FY 2021

(Figures in Rs. crores)

  Quarter Ended December 2020 Quarter Ended December 2019 Variation (%)
Revenue from operations 4907 4996 -2%
Net Interest Income 1281 1254 2%
Profit before tax 969.64 745.32 30%
Net Profit after tax 727.04 597.53 22%
Net Interest Margin 2.36% 2.44%  
Outstanding Loan Portfolio 220197 208270 6%

(1 crore =10 million)

Performance highlights for the quarter ended December 31, 2020

Total disbursements were Rs. 16857 crs in Q3 FY2021 as against Rs. 13177 crs for the corresponding period in FY2020 up by 28%.Out of this, disbursement in Individual Home Loan segment registered a healthy growth of 36% to Rs. 14511 crs from Rs. 10655 crs, whereas project loans were Rs.852 crs compared with Rs. 931 crs for the same quarter in previous year.

The Company's Revenue from operations were Rs. 4907crs as against Rs. 4996 crs.

Net Interest Income (NII) was Rs. 1281 crs, as against Rs.1254 crs for the same period previous year.

Profit before Tax for the quarter was Rs. 969.64 crs as against Rs. 745.32 crs. a growth of 30%.

Net Profit after tax stood at Rs.727.04 crs compared with Rs. 597.53 crs during the same period in the previous year, a growth of 22% The Individual loan portfolio stood at Rs. 204444 crs as against Rs. 194004 crs, a growth of 5%. Project Loan portfolio stood at Rs. 15753 crs as on December 31, 2020 as against Rs. 14266 crs as on December 31, 2019. Total outstanding portfolio grew at 6% to Rs. 220197 crs from Rs. 208270 crs.

Net Interest Margin (NIM) for the quarter ended December 31, 2020 was 2.36% as against 2.34% in Q2 FY 21.

Under IndAS 16, asset classification and provisioning changes for future credit loss are reported on Expected Credit Loss (ECL) basis.

As per the same methodology, the provisions for ECL stood at Rs. 2948.05 crs as on December 31, 2020 as against Rs. 2584.72 crs as on December 31, 2019.The Stage 3 Exposure at Default as on December 31,2020 stood at 2.68 % as against 2.73% as on December 31,2019. Covid 19 related provisions stood at Rs. 212.01 Cr and provision for impairment stood at Rs. 186.53 Cr.

Performance highlights at a glance- 9M FY2021

(Figures in Rs. Crores)

  Nine months Ended December 31, 2020 Nine months Ended December 31, 2019 Variation (%)
Revenue from operations 14879 14777 0.7%
Net Interest Income 3740 3687 1.4%
Profit before tax 2996.57 2442.27 23%
Net Profit after tax 2335.42 1980.41 18%
Net Interest Margin 2.31% 2.44%  

(1 crore =10 million)

During the nine months ended December 31, 2020, total disbursements stood at Rs. 32860 crs as against Rs. 35611 crs for the same period of the previous year. Out of this, individual home loan segment registered disbursement of Rs. 27917 crs, as against Rs 28662 crs, whereas total disbursements under project loans stood at Rs. 1815 crs as against Rs.2205 crs for nine months ended December 31, 2019.

The Company’s Revenue from operations were Rs.14879 crs as against Rs.14777 crs.

Net Interest Income (NII) for nine months were Rs. 3740 crs as against Rs.3687 crs during the same period previous financial year.

Profit before tax (PBT) for nine months in FY2021 was Rs.2996.57 crs as against Rs.2442.27 crs, up by 23%, during the same period previous year.

Net profit after tax for the nine months ended December 31, 2020 was Rs. 2335.42 crs as against Rs. 1980.41 crs during the same period previous year, growth of 18%.

Speaking on the performance, Mr. Siddhartha Mohanty, MD & CEO, LIC Housing Finance Ltd said, “Considering the pandemic induced disruptions, our performance has been quite strong in the third quarter. We have registered a good growth in home loans in all segments including the affordable housing segment. We are strongly focused on controlling loan defaults, cost improvement and bettering market presence through digitization. The Housing Sector has witnessed a positive change in their operational environment over the past few months, mainly since the last quarter and the momentum continued in the December quarter. We expect the same to continue in the Q4 as well. The Company expects to end the fiscal year on a positive note.”

 

About LIC Housing Finance Ltd

LIC Housing Finance Ltd 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 at Dubai and Kuwait. In addition, the Company also distributes its products through branches of its subsidiary LICHFL Financial Services Ltd. LIC Housing Finance Ltd was promoted by Life Insurance Corporation in 1989 and a public issue was made in 1994. It launched its maiden GDR offering in 2004. The company enjoys the highest rating from CRISIL &CARE indicating highest safety with regard to ability to service interest and repay principal. 

For further information please visit the website www.lichousing.com or contact:

Mr. Siddhartha Mohanty
Managing Director & CEO
LIC Housing Finance Ltd.
Tel: 022-2217 8602
Mansi Sheth / Neha Sharma
Veritas Reputation PR
Tel: 9870631556 / 9664372349

 

 

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