LIC Housing falls 10% as Q2 net disappoints despite lower provisions.
- On November 2, LIC Housing, the nation’s second-largest housing finance company, fell 10%, its biggest drop in two years. The stock fell for a fourth day on strong volumes after the 23 percent year-on-year net profit rise at Rs 305 crore disappointed investors.
- The pure-play mortgage lender, an unit of the country’s largest insurer LIC, said its net interest income for the quarter fell 80 basis points to Rs 1,163 crore from Rs 1,173 crore, but the management did not explain why.
- The business reported a projected credit loss base provision of Rs 6,522 crore and provision coverage ratio of 44% for Stage-3 accounts, up from Rs 5,355 crore in September 2021.