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
Mumbai, June 13th, 2023: 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, Mr. 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.
Mr. 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.”