LIC Housing Finance's net profit rises by 20% to Rs 495 crore

LIC Housing Finance's Q2 performance beat estimates as the company reported net profit of Rs 494.76 crore for September 30, 2016, witnessing rise of 20.16% year-on-year (yoy) and quarter-on-quarter (qoq).

A Bloomberg poll estimated the company's net profit of Rs  471 crore for this quarter. 

The company’s net interest income (NII) stood at Rs 865.70 crore, increasing by 20.74% yoy and 4.99% qoq. Total income from operating was at Rs 3456.45 crore, up by 12.78% yoy and 2.88% qoq.

However provisions or write off of LIC Housing Finance was at Rs 30.30 crore, which was sequentially up by 0.83% but down by 73.98% qoq.

Shares of LIC Housing Finance was trading flat at Rs 615.65 at 2.22 pm.