![]() ![]() While valuation is undemanding at 0.7x FY25 P/ABV, a significant re-rating would be contingent on more confidence around growth and asset quality. Though home loan disbursements were weaker than expected (growth was weaker than peers too), the portfolio growth came in-line due to reduction in prepayments/BT Out. The lower credit cost was aided by reduction in Stage-3 assets (partly caused by collections & recoveries) and decrease in its coverage. The large sequential margin expansion of ~50 bps was caused by steep improvement in portfolio yield and measured increase in CoF. Rs8bn) driven by sharp NIM expansion and lower provisions, while portfolio growth was in-line with expectation. ![]() LIC HF delivered substantial earnings beat (PAT of Rs11.8bn v/s est. YES Securities' research report on LIC Housing Finance ![]()
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