Non-Banking Finance Companies

Adar Poonawalla-controlled non-banking finance company Poonawalla Fincorp on Wednesday said its total disbursement grew 151 per cent year-on-year to record Rs 6,370 crore in the March 2023 quarter. Its assets under management (AUM) increased by 37 per cent year-on-year and 16 per cent quarter-on-quarter to about Rs 16,120 crore at March-end 2023, despite a sharp reduction in the discontinued loan book, the company said in a regulatory filing. Discontinued onbook reduced to approximately Rs 625 crore at March-end 2023. "Total disbursements during Q4 FY23 were highest ever at approximately Rs 6,370 crore, up 151 per cent Y-o-Y and 89 per cent Q-o-Q compared to disbursements of Rs 2,539 crore in Q4FY22 and Rs 3,369 crore in Q3FY23," it said. Gross NPA and net NPA are expected to improve further to less than 1.55 per cent and 0.85 per cent, respectively, at the end of the last fiscal. The company said it would strive to maintain the NNPA below 1 per cent in line with its Management Vi

State-owned non-banking finance firm REC Ltd board on Thursday approved Rs 1,20,000 crore market borrowing programme for 2023-24 in its meeting. "Board of Directors of REC Ltd in its meeting held on March 9, 2023, inter-alia approved the market borrowing programme under different debt instruments for the financial year 2023-24," a BSE filing stated. REC will borrow Rs 1,20,000 crore from the market during 2023-24, which includes various types of bonds and loans (Rs 1,05,000 crore), short-term loans (Rs 10,000 crore) and commercial papers (Rs 5,000 crore), it added. The proposed borrowing programme for the financial year 2023-24 will be raised for different maturities, through different instruments, depending upon the actual requirement of funds, asset-liability position and prevailing market conditions, it stated.

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Write-offs remained elevated at 2.1 per cent for NBFCs and 0.5 per cent for HFCs in H1FY23

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