Operationally healthy quarter despite one-offs

Company
17 May 2024
5 Min read 
  • LIC Housing Finance's 4QFY24 results update and financials are discussed.
  •  The company's NIM rose ~15bp QoQ, with a sharp improvement in asset quality.
  •  The company's PAT declined ~8% YoY to ~INR10.9b due to one-offs in opex and tax.
  •  Management guided for double-digit loan growth and credit costs of ~40bp in FY25.
  •  The company's valuation is favorable at 0.9x FY26 P/BV, and it reiterates a BUY rating with a TP of INR790.
  •  The company anticipates a structural NIM improvement and has strong moats in retail mortgages.
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