LIC Housing Finance posts 7% increase in Q1 net profit at Rs 609 crore

LIC Housing Finance Saturday reported a 7.39% increase in its consolidated net profit at Rs 609.13 crore for the first quarter ended June 30, 2019 against Rs 567.18 crore in the same period last fiscal.

The company's total revenues from its operation increased to Rs 4,815.57 crore for the first quarter as compared to Rs 4,068.93 crore in the year-ago period, LIC Housing Finance said in a regulatory filing.

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"The business environment continued to be quite challenging. However, despite that, the company's outstanding loan book grew consistently, especially on the home loan segment," LIC Housing Finance MD & CEO Siddhartha Mohanty said.

"The company is strongly focusing on asset quality and on recovery aspect and we are confident of addressing the situation in current year. The budget this year proposes additional Rs 1.5 lac deduction for interest on home loans, which will certainly trigger a strong demand from end-users in the affordable category. Renewed emphasis on PMAY (Urban) is also encouraging," added Mohanty.

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The company reported 16.7% rise in Q4 net profit in the previous fiscal.

The housing finance company reported a 16.70 per cent growth in net profit at Rs 693.58 crore for the March quarter of 2018-19. It had posted a standalone net profit of Rs 594.34 crore for the corresponding period of 2017-18 fiscal.

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