New Delhi: LIC Housing Finance on Friday reported a 39 per cent fall in its consolidated net profit to Rs 424.31 crore in the fourth quarter ended March 2020.

The company’s net profit during the corresponding quarter of 2018-19 had stood at Rs 696.91 crore. Sequentially also, there was a fall in net profit as compared with Rs 602.25 crore in the third quarter ended December 2019.

Income during the March 2020 quarter, however, rose to Rs 4,903.54 crore as against Rs 4,667.77 crore a year ago, LIC Housing Finance said in a regulatory filing.

For the full year 2019-20, the firm’s net profit remained nearly flat at Rs 2,403.66 crore as against Rs 2,434.37 crore in 2018-19.

Income for 2019-20 increased to Rs 19,706.88 crore, from Rs 17,398.46 crore.

The board has recommended a dividend of Rs 8 per equity share (400 per cent), subject to the approval of the members of the company at the forthcoming annual general meeting, it said.

The main business of the group is to provide loans for purchase or construction of residential houses.

On the coronavirus pandemic, the housing financier said that as there is a high level of uncertainty about the duration and impact of the pandemic both on human life and businesses, it is not possible for the company to assess at this juncture, the extent to which the COVID-19 pandemic will impact its business.

Shares of LIC Housing Finance on Friday closed 0.32 per cent higher at Rs 284.75 apiece on the BSE.

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