LIC Housing Finance Logs 12 Pc Net Profit Jump At Rs 1,329 Crore In Q2

Speaking at the 13th convocation ceremony of the Indian Institute of Technology (IIT-BHU) here, Pradhan said, “India is growing fast in every field and that the youth have an important role in this growth. He said that the youth have the responsibility of building a new and strong nation. The next 25 years are going to be the golden period of India’s progress.  Destiny has written in our fate that we will become the world's number one economy.”

“Today the whole world is looking at India with great hopes. The key to solving the world's problems lies in national institutions like Avinashi Kashi and IIT-BHU. With their intellectual capacity, our students will fulfill the needs of India and the entire world,” he added.

Minister Pradhan conferred degrees to the meritorious students of IIT- BHU. A total of 1,954 graduates from various disciplines were conferred degrees during the convocation ceremony.

The Minister also laid the foundation stone of projects worth 400 crore rupees to enhance the research capabilities of the institution.

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The party has denied a ticket to the sitting legislator Dadarao Keche from the Arvi seat.

With Monday’s list, the BJP has so far announced 146 nominees for the Assembly elections slated for November 20.

Borivali’s sitting legislator Sunil Rane has been denied a ticket as the party has nominated Mumbai unit General Secretary Sanjay Upadhyay in his place.

The party has fielded Archana Patil Chakurkar, who is the daughter-in-law of former Union Home Minister Shivraj Patil Chakurkar, from Latur City against the Congress candidate and former minister Amit Deshmukh.

Archana Patil-Chakurkar had joined the BJP ahead of the Lok Sabha elections.

The BJP has denied a ticket to the sitting legislator Sandip Dhurve as he has been replaced by former legislator Raju Todsam from the Arni seat.

Further, the party has dropped Vikas Kumbhare and fielded Pravin Datke from the Nagpur Central seat.

The party has also denied a ticket to the sitting legislator Namdev Sasane and fielded Kishan Wankhede from Umarkhed constituency.

The party has renominated Bharati Lavekar from Versova, Parag Shah from Ghatkopar, Harish Pimple (Murtizapur) and Ram Satpute, who had lost the general elections from the Solapur constituency, from Malshiras seat.

In Ghatkopar East, former minister Prakash Mehta, who was denied a ticket in the 2019 elections, was a strong contender seeking the party’s nomination but he was not considered.

Instead, the party preferred to renominate the sitting legislator Parag Shah.

The BJP has nominated Sai Dahake, who is the wife of former NCP legislator Prakash Dahake, from Karanja constituency. She had joined the party last week.

Other nominees include Rajesh Wankhede (Teosa), Umesh Yawalkar (Morshi), Charansingh Thakur (Katol), Ashish Deshmukh, a former legislator who had joined the Congress and again came to the BJP fold, (Savner), Milind Mane (Nagpur North), Avinash Brahmankar (Sakoli), Kishor Jorgewar, who was elected as an Independent in the 2019 elections, entered the party on Sunday (Chandrapur), Jitesh Antapurkar, a former Congress legislator and close confidant of Rajya Sabha member Ashok Chavan who had recently joined the BJP (Deglur), Vinod Medha (Dahanu), Sneha Dube (Vasai), Suresh Dhas, who is the state council member (Ashti), Manoj Ghorpade (Karad North) and Sangram Deshmukh, who is the brother of party’s former legislator Prithviraj Deshmukh (Palus Kadegaon).

--IANS

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The company clocked a 2.5 per cent growth in revenue at Rs 6,926 crore, from Rs 6,758 crore in the year-ago period, riding on stable growth in both home and project loan disbursements.

The company expressed optimism for growth in the upcoming festive quarters, driven by a robust focus on affordable housing and rural infrastructure.

Outstanding loan portfolio was up by 6 per cent to Rs 294,588 crore while individual home loan portfolio was up by 7 per cent to Rs 250,879 crore.

In the July-September period, loan disbursements were Rs 16,476 crore, a 12 per cent increase from Rs 14,665 crore in the year-ago period. During the quarter, the company had a technical write-off of Rs 286 crore.

According to LIC Housing Finance, the net interest income (NII) declined by 6 per cent to Rs 1,974 crore from Rs 2,107 crore in Q2 FY24, driven by a reduced net interest margin (NIM), which stood at 2.71 per cent compared to 3.04 per cent a year earlier and 2.76 per cent for Q1 FY25.

The company’s provisions for expected credit loss stood at Rs 5,458 crore, covering 49 per cent of Stage 3 loans.

The stage 3 exposure on default (as on September 30) stood at 3.06 per cent as against 4.33 per cent (as on September 30, 2023) and 3.30 per cent (as on June 30, 2024), said the company.

“During the six months ended September 30, 2024, the total disbursements for the company stood at Rs 29,391 crore against Rs 25,521 crore for the same period of the previous year, a growth of 15 per cent.

The shares of LIC Housing Finance closed at Rs 618.45 on Monday, up by 3.39 per cent. (IANS)

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