简体中文
繁體中文
English
Pусский
日本語
ภาษาไทย
Tiếng Việt
Bahasa Indonesia
Español
हिन्दी
Filippiiniläinen
Français
Deutsch
Português
Türkçe
한국어
العربية
Abstract:Aug 3 (Reuters) - Indias LIC Housing Finance (LICH.NS) on Thursday reported a 43% rise in first-quar
Aug 3 (Reuters) - Indias LIC Housing Finance (LICH.NS) on Thursday reported a 43% rise in first-quarter profit, helped by strong demand for housing loans.
The company posted a profit after tax of 13.24 billion rupees ($159.95 million) for the quarter ended June 30, from 9.25 billion rupees an year ago.
Housing demand in India has risen in the post-pandemic period, as a growing middle class looks to invest in real estate despite higher interest rates and home prices.
The Indian central bank has raised key interest rates by 250 basis points since May 2022, with two pauses, while June retail inflation rose to 4.81%, snapping four months of easing.
A Reuters poll in June said home prices in the country are set to hold above consumer inflation.
LIC Housing Finances total expenses rose 23%, with finance costs rising 23% to 44.94 billion rupees. Interest income rose 28% to 67.04 billion rupees.
Rival PNB Housing Finance (PNBH.NS) last month posted a near-48% rise profit, driven by robust demand for housing loans and improved asset quality.
LIC Housings shares closed 4.83% lower ahead of results. For the June quarter, it grew 19% against a 33.5% climb in PNB Housing.
($1 = 82.7780 Indian rupees)
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.