In the fourth quarter of the last financial year, home loan company LIC Housing Finance has made tremendous profits. The company’s net profit tripled to Rs 1,118.64 crore. With this, the company had earned a net profit of Rs 398.92 crore in the same quarter of the previous financial year.
Y Vishwanath Gaur, Managing Director and Chief Executive Officer (CEO) of LIC Housing Finance said, “We had to make heavy provisioning in the fourth quarter of the last financial year. But we didn’t have to make higher provisioning in the quarters after that. Our recovery efficiency has also improved. This has increased our profits.
The company’s net profit declined by 16 per cent to Rs 2,287.28 crore for the full financial year 2021-22 from Rs 2,734.34 crore in 2020-21. Meanwhile, if we talk about the share of LIC Housing Finance, then the price is at the level of Rs 357.