LIC Housing Finance Q1 net profit rises nearly 7% to Rs 408 crore

LIC Housing Finance reported nearly 7% rise in standalone net profit for the first quarter (Q1) ended on June 30, 2016. 

The company's net profit during the April-June quarter of the fiscal year 2016-17 (FY17) jumped 6.73% to Rs 407.84 crore as against Rs 382.13 crore in the April-June quarter of previous fiscal, cited the company in a filing to BSE on Friday.

"The profit was muted as there was extra provisioning of Rs 92 crore on account of aging of old project loan NPAs, which had already been classified as non-performing assets (NPAs) as per norms," PTI reported quoting LIC Housing Finance's managing director and chief executive officer Sunita Sharma as saying post-announcement of the results. 

The housing finance company's total net income from operations during the period increased by 14.05% to Rs 3,359.69 crore as compared to Rs 2,945.9 crore in the same period of previous fiscal. 

Its total expenses during the quarter under review surged by 15.50% to Rs 2,756.43 crore as against Rs 2,386.43 crore in the corresponding quarter of previous fiscal.