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Budget News

  • LIC Housing Finance
  • July 30,2021  14:41
  • LIC Housing Finance reported 81% dip inthe net profit to Rs 153.44 crore in the quarter ended June 2021 (Q1FY2022) onaccount of sharp 15 times jump in the credit cost wit sharp deterioration inthe asset quality. The company also witnessed jump in the operating expenses inQ1FY2022. Net interest margin (NIM) declined 2.20% in Q1FY2022 from 2.66% inthe previous quarter and 2.32% in the corresponding quarter last year.

    Net interest income (NII) of thecompany rose 10% to Rs 1347.83 crore in Q1FY2022. The other income were loss ofRs 38.76 crore. The net total income rose 8% to Rs 1309.07 crore.

    Operating expenses jumped 116% to Rs 273.48crore, causing 5% dip in the operating profit to Rs 1035.59 crore. Further, theprovisions zoomed 1371% to Rs 830.41 crore in Q1FY2022 from Rs 56.45 crore inQ1FY2021. Depreciation rose 1% to Rs 12.25 core from Rs 12.16 core. PBT dipped 81%to Rs 192.93 crore. An effective tax rate rose to 20.47% in Q1FY2022 from 19.67%in Q1FY2021. The net profit declined 81% to Rs 153.44 crore in Q1FY2022.

    Business updates

    In the quarter ended June 2021, totaldisbursements jumped 143% to Rs 8652 crore from Rs 3560 crore in Q1FY2021. Outof that, disbursements in the individual home loan segment galloped 177% to Rs 8415crore, whereas disbursements in project loans surged 49% to Rs 237 crore inQ1FY2022.

    The total loan portfolio rose 11% to Rs232548 crore end June 2021 as against Rs 209817 crore end June 2020. TheIndividual loan portfolio stood at Rs 216947 crore as against Rs 195176 crore,showcasing a growth of 11%. Developer loan portfolio rose 7% to Rs 15601 croreend June 2021 as against Rs 14641 crore end June 2020.

    The Loan Mix is - retail loans - 78.3%,developers loans - 6.7% and retail LAP/LRD/etc - 15.0%.

    Net Interest margins declined to 2.20% inQ1FY2022 as against 2.32% in Q1FY2021. The weighted average cost of funds easedto 6.88% in Q1FY2022 from 6.93% a quarter ago and 7.87% a year ago. Theweighted yield on advances fell to 8.80% in Q1FY2022 from 9.06% a quarter ago,while eased from 10.15% a year ago.

    The asset quality of the companycontinued to remain under pressure. The gross stage 3 (GNPA) exposure atdefault increased to 5.93% end June 2021 from 4.12% a quarter ago and 1.56% ayear ago. The company has also scaled up provisions to Rs 4613.35 crore endJune 2021 from Rs 3971.42 crore a quarter ago and Rs 2668.63 crore a year ago.

    Book value of the company stood at Rs 405.63 pershare and adjusted book value (net of net stage 3 assets and 10% ofrestructured loans) stood at Rs 223.78 per share end June 2021.

    Financial Performance FY2021

    LIC Housing Finance reported 14% risein the net profit to Rs 2734.34 crore in the year ended March 2021 (FY2021).Net interest income (NII) of the company increased 9% to Rs 5244.53 crore inFY2021. The other income jumped 134% to Rs 150.58 crore. The net total incomemoved up 10% to Rs 5395.11 crore.

    Operating expenses increased 10% to Rs679.49 crore. The operating profit improved 10% to Rs 4715.62 crore. However,the provisions jumped to Rs 1317.61 crore in FY2021 from Rs 952.73 crore inFY2020. Depreciation rose 3% to Rs 49.44 core from Rs 48.07 core. PBT rose 2%to Rs 3348.57 crore. An effective tax rate dipped to 18.34% in FY2021 from26.53% in FY2020. The net profit moved up 14% to Rs 2734.34 crore in FY2021.

    LIC Housing Finance: Standalone Results

     

    2106 (3)

    2006 (3)

    Var %

    2103 (12)

    2003 (12)

    Var %
    Interest Inc.

    		 4897.80

    		 4985.08

    		 -2

    		 19697.11

    		 19605.35

    		 0
    Interest Exp.

    		 3549.97

    		 3764.47

    		 -6

    		 14452.58

    		 14783.86

    		 -2
    Net Interest Inc.

    		 1347.83

    		 1220.61

    		 10

    		 5244.53

    		 4821.49

    		 9
    Other inc.

    		 -38.76

    		 -7.59

    		 411

    		 150.58

    		 64.41

    		 134
    Total inc.

    		 1309.07

    		 1213.02

    		 8

    		 5395.11

    		 4885.90

    		 10
    Op. Exp.

    		 273.48

    		 126.74

    		 116

    		 679.49

    		 616.11

    		 10
    OP

    		 1035.59

    		 1086.28

    		 -5

    		 4715.62

    		 4269.79

    		 10
    Woff/Prov. of B/D

    		 830.41

    		 56.45

    		 1371

    		 1317.61

    		 952.73

    		 38
    Dep.

    		 12.25

    		 12.16

    		 1

    		 49.44

    		 48.07

    		 3
    PBT

    		 192.93

    		 1017.67

    		 -81

    		 3348.57

    		 3268.99

    		 2
    Total Tax

    		 39.49

    		 200.19

    		 -80

    		 614.23

    		 867.15

    		 -29
    PAT

    		 153.44

    		 817.48

    		 -81

    		 2734.34

    		 2401.84

    		 14
    EPS*(Rs)

    		 #

    		 #

    		  

    		 54.2

    		 47.6

    		  
    * On current equity of Rs 100.93 crore. Face Value: Rs 2
    # EPS is not annualised due to seasonality of business
    Figures in Rs crore,
    Source: Capitaline Database
     

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