LIC shares climb nearly 6% after Q1 profit jumps manifold

New Delhi: Shares of Life Insurance Corporation of India (LIC) on Friday surged nearly 6 per cent after the company reported a multi-fold jump in its April-June quarter net profit to Rs 9,544 crore.

The stock climbed 5.42 per cent to Rs 676.95 on the BSE.

At the NSE, it jumped 5.81 per cent to Rs 679.

The state-run life insurance behemoth had a net profit of Rs 683 crore in the year-ago period.

The total income increased to Rs 1,88,749 crore for the June quarter as against Rs 1,68,881 crore in the year-ago period, LIC said in a regulatory filing on Thursday.

Net income from investments during the quarter rose to Rs 90,309 crore as compared to Rs 69,571 crore in the April-June period of 2022-23.

On the asset quality front, gross non-performing assets ratio eased to 2.48 per cent from 5.84 per cent in the same period a year ago.