LIC Housing Finance falls 4% after provisions dent earnings performance

The impairment cost on financial instruments (expected credit loss) for the quarter increased sharply by 114.5 percent to Rs 763 crore compared to year-ago period.

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LIC Housing Finance’s share price corrected nearly 4 percent on February 7 after higher provisions impacted quarterly earnings performance.

The housing finance company registered a massive 37.4 percent year-on-year decline in profit at Rs 480 crore for three-month period ended December FY23, impacted by increase in impairment on financial instruments, but supported by fall in tax cost.

The impairment cost on financial instruments (expected credit loss) for the quarter increased sharply by 114.5 percent to Rs 763 crore compared to year-ago period, LIC Housing Finance had said.

Also, finance cost rose by 19.4 percent to Rs 4,233 crore, while interest income grew by 17 percent to Rs 5,839 crore in the same period.