Sumitomo mitsui financial group, Financial company

PRNewswireMumbai (Maharashtra) [India], June 1: The Indian financial sector witnessed a momentous deal in July 2021 when Sumitomo Mitsui Financial Group (SMFG) acquired a 74.9% stake in Fullerton India Credit Co. Ltd. from Fullerton Financial Holdings Pte. Ltd. The deal was concluded in November 2021. Effective May 11, 2023, Fullerton India Credit Company Limited is SMFG India Credit Company Limited (SMICC).SMICC has reported a 10x growth in FY23 with a Profit Before Tax of INR 8,945 Million for the Financial year of FY23. Total Disbursals jumped by 98% to INR 252,029 Mn in FY23 from INR 127,377 Mn of FY22. The AUM has increased by 44% and crossed the INR 300 Bn mark ( 301.86 BN)With the support of a shared vision of its shareholders and a capable leadership team, the NBFC is poised to leverage its strengths, capitalize on market opportunities, and achieve its true potential in the financial industry.Speaking about the company's overall performance, Shantanu Mitra, CEO & MD, SMICC said, "Our performance of FY23 resonates with the steps we have taken in the last one year, with a focus on catering to the underserved customers in the rural heartlands and those in the semi-urban markets of the country. Having clocked a growth of 10x in profit before tax in FY 23, fortifies our belief that the 3 key drivers - our wide distribution network, diversified product offering and an enhanced digital ecosystem will propel our business going forward. Our AUM in FY23 stood at INR 3,01,868 Mn and with strategic alliances in our digital business, we not only re-engineered the digital customer experience, but also fuelled our growth momentum. With the launch of new branches across key states, along with a sustained focus on collections, we are poised to accelerate and transform in FY24."Effective May 15 2023, Fullerton India Home Finance Company Limited is SMFG India Home Finance Company Limited (SMFHC). SMHFC has posted a growth of 137% in disbursals. The company's AUM stood at INR 64,265 Mn, 44% higher than INR 44,563 Mn as of March,2022. SMHFC has created a wider foot print in new geographies and locations with 43 new branches in Tier 2+ regions, totalling 125 branches spread across 15 states. With an aim to become a digital-first organisation to increase efficiency and service, the company has focused on paperless processes, short time-to-market, and extensive self-serve options for internal and external customers.Deepak Patkar, CEO & MD, SMHFC said, " Our home finance business has shown tremendous growth in FY23, with disbursals of INR 30,552 Mn, a 137% growth over INR 12,870 Mn of disbursals in FY22. In line with our customer-centric approach, we have invested in human capital, enhancing our employee strength to 2300+ in FY23, from 800 in FY22, enabling us reach our customers directly. The growth in our disbursals is a testimony to our focus on affordable housing finance for our customers. The company received 100 crores of capital from the parent in Q4' FY23."SMFG India Credit Co. Ltd. (Formerly Fullerton India Credit Co. Ltd.) is registered as an NBFC - Investment and Credit Company (NBFC-ICC) with the Reserve Bank of India, and a member of SMFG. SMFG India Credit started its India operations in 2007 and has established a pan India presence - across 600 towns and 65,000+ villages through 729 branches and over 16,500 employees offering lending products to underserved & unserved retail and small business borrowers. By doing so, it has introduced people to formal credit. SMFG India Credit'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.Shareholders -Sumitomo Mitsui Financial Group (SMFG)SMFG holds a 74.9% stake in SMFG India Credit Co. Ltd. (Formerly Fullerton India Credit Co. Ltd.) 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 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.SMFG Grihashakti or SMFG India Home Finance Co. Ltd. (Formerly Fullerton India Home Finance Co. Ltd.) is a fully owned subsidiary of SMFG India Credit Co. Ltd. (Formerly Fullerton India Credit Co. Ltd.). SMFG Grihashakti offers loans to salaried and self-employed individuals and organizations. Launched in December 2015 and headquartered in Mumbai, SMFG 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 SMFG Grihashakti.Connect with uswww.fullertonindia.comwww.facebook.com/1FullertonIndia/www.twitter.com/1FullertonIndia(Disclaimer: The above press release has been provided by PRNewswire.will not be responsible in any way for the content of the same)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

Home

City

Latest News

Cricket

LT Premium

National

International

Maharashtra

Opinions

Chhatrapati Sambhajinagar

Nagpur

Entertainment

Photos

Business

Technology

Sports

Lifestyle

Social Viral

Lokmat Games

Health

Pahalgam Terror Attack

Tahawwur Rana

IPL 2025

CM Devendra Fadnavis

Mumbai Local

Weather Update

Sumitomo Mitsui Financial GroupFOLLOW

Sumitomo mitsui financial group, Latest News

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 ... ...