Poonawalla Fincorp has reported the highest-ever disbursements during the second quarter of FY24 (Q2FY24), amounting to ₹ 7,750 crore. This figure represents a substantial 149% year-on-year (YoY) increase and 10% quarter-on-quarter (QoQ) growth when compared to disbursements of ₹ 3,110 crore in Q2FY23 and ₹ 7,063 crore in the preceding quarter, Q1FY24, Poonawalla Fincorp said in a regulatory filing on Thursday, October 5.
The company's Assets Under Management (AUM) experienced a surge, growing by 53% YoY and 13% QoQ to reach approximately ₹ 20,110 crore as of September 30, 2023.
The company anticipates further improvements in its Gross Non-Performing Assets (GNPAs) and Net Non-Performing Assets (NNPA) ratios. It has set a target of keeping the NNPA below 1% in line with its management vision for 2025.
As of September 30, 2023, Poonawalla Fincorp continues to maintain a strong liquidity position, with approximately ₹ 3,800 crore in reserves.
In another development, Poonawalla Fincorp secured the green light from the Reserve Bank of India (RBI) to introduce a co-branded credit card with IndusInd Bank. This partnership will enable Poonawalla Fincorp to usher in a new age of flexible and versatile retail credit.
The company is gearing up to launch this offering within the next three months. This co-branded credit card venture is targeting individuals with a strong credit history. The entire process will be 100% digital, the company stated.
At the time of writing this report, the shares of the company were 0.52% up at Rs 379.10 apiece at the BSE.
(Edited by : Amrita)
First Published: Oct 5, 2023 12:06 PM IST
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