The company, a unit of Life Insurance Corp of India, said profit after tax more than tripled to 11.88 billion rupees ($142.72 million) in the quarter ended Sept. 30.

Analysts expected profits of IDR 11.66 billion, according to LSEG data.

After a series of rate hikes since May 2022, India has kept its policy rates steady since February, leading to a recovery in housing sales, as seen in the last quarter results from DLF and Macrotech Developers.

LIC Housing’s net interest income jumped 83 per cent to Rs 21.07 billion in the quarter.

Net interest margin, a key measure of profitability, was 3.04%, up from 1.78% a year earlier.

The company’s total expenses increased by 12%, including an increase in financial costs of around 18%.

“Demand remains strong as the overall economy is performing well and interest rates are stable,” said Tribhuwan Adhikari, CEO, LIC Housing.

Last week, rival PNB Housing Finance reported a jump in second-quarter profit, thanks to sustained demand for home loans and improving asset quality.

Shares of LIC Housing closed 0.4% lower ahead of Wednesday’s results. The stock has rallied about 10% since the start of the year, compared with a nearly 1% rise in the Nifty Financial Services index.

($1 = 83.2380 Indian rupees)