Q1 Results: LIC Housing Expects To Meet Rs 55,000-Crore Disbursement Target In 2019-20
Two-three accounts led to an uptick in NPA ratio by 0.44 percent sequentially in Q1, says LIC Housing CEO Siddhartha Mohanty.
LIC Housing Finance Ltd. expects to meet its target of disbursing more than Rs 55,000 crore fresh loans in 2019-20 even as its asset quality fell in the quarter ended June.
“Our focus is on the projects that cater to affordable housing, especially under the Pradhan Mantri Awas Yojana, and finance-only quality projects,” said Managing Director and Chief Executive Officer Siddhartha Mohanty. “Fresh disbursements were more than Rs 10,000 crore so far this year. We have kept Rs 55,000 crore as the target for current year and I think we will surpass that.”
The government in the budget 2019 announced a provision for a partial guarantee to help India’s strained non-bank lenders sell loans. The nation’s non-bank financial companies are still reeling under a severe liquidity crunch triggered by payment defaults at IL&FS Group subsidiaries since September last year.
LIC Housing Q1 Results 2019-20: Key Highlights (YoY)
- Net interest income rose 17.20 percent to Rs 1,181.90 crore.
- Net profit increased 7.50 percent to Rs 610.70 crore.
- Two-to-three accounts, which were regular until March 31, led to an uptick in non-performing asset ratio by 0.44 percent sequentially.
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