The home loan provider, LIC Housing Finance posted drop of 23 per cent to Rs 236.24 crore in the third quarter net profit of the current financial year as compared to Rs 305.63 per cent for the corresponding period of the previous year.
The dip in the net profit was due to higher provisions to cover loan losses and increased finance costs.
In the third quarter, LIC Housing Finanace-a housing finance arm of Life Insurance Corporation of India set aside Rs 31.56 crore to cover potential loan losses.
Finance costs of the company increased by 27 per cent to Rs 1,535 crore as compared to Rs 1,213 crore for a year ago period.
Total income from operations for LIC housing finance company grew 23 per cent to Rs 1,935 crore. Total loan disbursement during the quarter was also up by 27 per cent to Rs 6,005 crore.
LIC housing Finance is also on a recruitment drive. It will hire assistants for its offices across the country.