|
Home finance major LIC Housing Finance (LICHFL) on Wednesday posted a 21 per cent jump in net profit for the June quarter to Rs 256.50 crore on the back of an increase in in net interest income (NII).
The lender, which had clocked a net profit of Rs 212 crore in the corresponding April-June period last year, saw its NII go up 23 per cent to Rs 361 crore. The company saw its net interest margin (NIM) decline to 2.78 per cent against June quarter 2010’s 3.01 per cent and 3.45 per cent clocked in March 2011.
LICHFL Director and Chief Executive V K Sharma, however, did not attribute the decline to the firm’s inability to pass on the rate hikes to borrowers in the prevailing high rates scenario but said NIMs going down in the first quarter is a cyclical phenomenon.
The housing finance firm’s loan book grew 32 per cent during the quarter under review, while disbursements to individuals were up 15 per cent. Source : IBN Live
|
