LIC Housing Finance announces net profit up at 20% to Rs 494.76 crore for Q2

New Delhi: LIC Housing Finance has reported an increase of 20.2 percent in net profit at Rs 494.76 crore for the second quarter ended September 30.

Company's net profit stood at Rs 411.74 crore during the July-September quarter of previous fiscal 2015-16.

"Total income has increased to Rs 3,489.91 crore for the quarter ended September 30, 2016 from Rs 3,089.36 crore for the corresponding quarter of 2015," it said in a regulatory filing.

Net profit for the half year ended September for LIC Housing rose by 13.7 per cent to Rs 902.60 crore, from Rs 793.87 crore a year ago.

Total income during the six months to September increased to Rs 6,816.14 crore as against Rs 6,010.53 crore a year ago.

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

One of the largest housing finance companies in India, LIC Housing Finance is promoted by country's insurance behemoth Life Insurance Corporation of India (LIC).

LIC Housing Finance stock traded at Rs 609.65 on BSE, down 1.02 per cent.