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Fullerton India Credit Company Limited (Fullerton India), one of the leading NBFCs in the country, reported a profit of Rs 551 crores for the third quarter of FY23. Total Disbursals stood at Rs 19,500 crores, a jump of 41% companies to the corresponding quarter last year.The growth story has been inked under the leadership of Shantanu Mitra, who returned from his retirement to take over the reins of the firm at the start of FY22. Post his rejoining, much of the erstwhile senior leadership team was brought back that has played a pivotal role in making the company profitable.Speaking on the overall performance, Shantanu Mitra, CEO & MD, Fullerton India and Chairman & Non-Executive Director, Fullerton India Home Finance Company (Grihashakti) said, "Our performance of FY22 and in three quarters of FY23 echoes our deep commitment to our customers and our ability to focus on one Fullerton P&L. From a loss of over Rs. 1,600 Crs in FY21, we have turned the company around, achieving a profit of Rs. 107 Crs in FY22. Our disbursals of Rs. 5,207 Crs in FY21 grew 2.7 times to Rs. 14,025 Crs in FY22. Our Asset Under Management (AUM) grew from Rs. 25,049 Cr in FY21 to Rs. 25,398 Crs in FY22. Our business growth and profitability has accelerated significantly in three quarters of FY23. Our profit for this period is Rs.551 Crs, a significant 5.2 times of our profits in FY22. We have already touched Rs. 19,757 Crs of disbursals, 41% higher than our disbursals in entire FY22 and are well poised to cross Rs. 29,000 Crs for FY23. Our AUM at the end of 3 quarters in FY23 is Rs. 34,140 Crs, 34% higher than FY22 AUM. Our performance in FY22 and in three quarters of FY23 has been a true reflection of the very spirit with which we have served our customers. We have focused on catering to the underserved customers in the rural heartlands and in the semi-urban markets of the country through our wide distribution network, a diversified product offering, leveraging our enhanced digital ecosystem."Deepak Patkar, CEO & MD, Fullerton India Home Finance Company (Grihashakti) said, "Our home finance business too augmented in FY22, with disbursals of Rs. 1,287 crores, a 130% growth over Rs.558 crores of disbursals in FY21. Our AUM grew from Rs. 4,191 Crs in FY21 to Rs. 4,456 Crs in FY22. Strategic moves like shifting to own sourcing, enhancing our footprint across key markets like Maharashtra, Tamil Nadu, Gujarat, Punjab, focusing on affordable home loans; have transformed Grihashakti and has set this business on a paced growth trajectory. We have achieved tremendous growth in the three quarters of FY23. We have already crossed Rs. 2,274 Crs of disbursal, 77% higher than the total disbursals in FY22. Grihashakti AUM at the end of three quarters of FY23 is Rs. 6,164 Crs, 38% higher than the FY22 AUM. The growth in our disbursals is a testimony to our focus on affordable housing finance for our customers."Fullerton India Credit Company Limited is registered as an NBFC - Investment and Credit Company (NBFC-ICC) with the Reserve Bank of India, and a member of SMFG Group. FICC started its India operations in 2007 and has established a pan India presence - across 600 towns and 60,000+ villages through 855 branches and 17,800+ employees offering lending products to underserved & unserved retail and small business borrowers. By doing so, it has introduced people to formal credit. FICC's primary services constitute financing of SME for working capital and growth, loans for commercial vehicles and two-wheelers, home improvement loans, loans against property, personal loans, working capital loans for urban self-employed and loans for rural livelihood advancement, rural housing finance and financing of various rural micro enterprises.Fullerton India Home Finance Company Limited (Grihashakti) is a fully owned subsidiary of Fullerton Credit Company Limited (FICCL). Grihashakti offers loans to salaried and self-employed individuals and organizations. Launched in December 2015 and headquartered in Mumbai, Grihashakti caters to the housing finance needs across India and operates in 120+ locations with 2000 employees and has served more than 36000+ customers till date. Sumitomo Mitsui Financial Group (SMFG) and Fullerton Financial Holdings (FFH) are the shareholders of FICCL, the parent company of Grihashakti.ShareholdersSumitomo Mitsui Financial Group (SMFG)SMFG holds a 74.9% stake in Fullerton India Credit Company Limited and is one of the largest global banking and financial service groups, offering a diverse range of financial services including commercial banking, leasing, securities and consumer finance with a heritage exceeding 400 years in Japan. SMFG is listed on the Tokyo and New York (via ADR) Stock Exchanges and has a market capitalization of approximately US$58.4 billion (as of 7th February 2023). SMFG is one of the global systemically important banks (G-SIBs) and has high credit ratings of A1 by Moody's Investors Service and A- by Standard & Poor's.Fullerton Financial Holdings (FFH)FFH holds a 25.1% stake in Fullerton India Credit Company Limited and is an independently operated strategic and operating investor in financial and related services in emerging markets. FFH creates shareholder value by being committed to building differentiated business models focused on the Mass Market and SME segments, and enabling digital innovation for its portfolio companies. FFH is a wholly-owned independent portfolio company of Singapore-headquartered investment company, Temasek.This story has been provided by NewsVoir.will not be responsible in any way for the content of this article. (ANI/NewsVoir)( With inputs from ANI )Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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Business :SMFG India Credit Co. Ltd. (Formerly Fullerton India Credit Co. Ltd.) reports INR 8,945 Mn Profit Before Tax (PBT) in FY23, clocks 10x growth in FY23 over FY22

PRNewswire Mumbai (Maharashtra) [India], June 1: The Indian financial sector witnessed a momentous deal in July 2021 when Sumitomo ... ...

Business :Fullerton India reports Rs 551 crore profit in third quarter of FY23, Total Loan Disbursement up by 41 per cent

Fullerton India Credit Company Limited (Fullerton India), one of the leading NBFCs in the country, reported a profit of Rs 551 crores for the third quarter of FY23. Total Disbursals stood at Rs 19,500 crores, a jump of 41% companies to the correspond ...