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Mahindra Finance
Mahindra & Mahindra Financial Services on Tuesday reported a 63 per cent year-on-year increase in standalone profit after tax to Rs 899 crore in the third quarter of the current fiscal. Its profit was Rs 553 crore in the October-December quarter of 2023-24. Mahindra Finance's total income was Rs 4,144 crore during the December 2024 quarter, up 19 per cent year-on-year, according to a statement. The company said it leveraged the buoyancy of the festive season demand in Q3 with disbursements of Rs 16,467 crore reflecting a year-on-year growth of 7 per cent. The disbursement for the first nine months stands at approximately Rs 42,370 crore, which is 4 per cent over the previous year. The gross assets under management increased by 19 per cent compared to the previous year, reaching Rs 1,15,126 crore. "The collection efficiency remained stable at 95 per cent, consistent with the same quarter of the previous year. With a continued focus on maintaining underwriting standards and ...
Non-bank lender Mahindra Finance on Monday announced that it will be launching a co-branded credit card with RBL Bank. Mahindra Finance said it has received the RBI nod for launching the offering. Managing Director and chief executive Raul Rebello said the offering will be designed to help meet its customers' aspirational needs. The announcement comes amid heightened concerns about the credit card portfolios, and also regulatory attempts to disincentivise growth in such riskier assets. A Mahindra group entity has 3.53 per cent "strategic" stake in RBL Bank which was bought for Rs 417 crore, while RBL Bank is attempting to decrease its reliance on Bajaj Finance to distribute credit cards. Rebello said this will be a maiden co-branded credit card offering for Mahindra Finance and that there are significant synergies between the company and the bank. "Our aim is to provide a one-stop solution that offers unmatched benefits across a wide range of categories," RBL Bank's executive dire
Mahindra & Mahindra Financial Services on Wednesday said it has received corporate agency licence from insurance regulator IRDAI, which will enable it to sell life and general insurance policies offered by various insurers. The registration shall be valid from May 21, 2024 to May 20, 2027, Mahindra Finance said in a regulatory filing. The registration as 'Corporate Agent (Composite)' will enable the company to undertake supplemental business activity of soliciting and procuring insurance business in the areas of life, health and general insurance -- both group and individual, it said. The process would augment the company's existing sources of revenue and profits as it would deploy its common infrastructure of branch network and feet on street. Mahindra Finance Managing Director & CEO Raul Rebello said, "This diversification will open new revenue models for us while delivering personalized services to customers across Mahindra Finance's 1360+ branches, thereby enhancing their .
Mahindra & Mahindra Financial Services on Tuesday said it has appointed Mahesh Rajaraman as Chief Risk Officer (CRO) of the company with effect from August 1, 2024. In a regulatory filing, Mahindra Finance said Mallika Mittal has tendered her resignation and ceased to be the CRO of the company with effect from May 17. Mittal would be exploring opportunities externally as per her resignation letter. Her resignation would be effective from close of business hours on November 16, 2024, when she would cease to be employee of the company, it added. The Non-banking Finance Company (NBFC) said in the interim period that Gaurav Verma, Head Underwriting & Product Policy, would exclusively oversee the risk management function and would be responsible for the responsibilities under the role of CRO until Rajaraman joins as the CRO. Rajaraman, who has been appointed for a 5-year term, holds 29 years of experience in the banking sector with demonstrated ability in leading and building ...
Mahindra Finance on Friday reported a 14 per cent growth in its net income at Rs 684 crore for the March quarter on a standalone basis, buoyed by healthy loan sales and the resultant increase in net interest income. The company said during the quarter, its disbursement grew 50 per cent to Rs 13,778 crore, taking the loan book to Rs 82,770 crore, which clipped at 27 per cent across 1 million new loan contracts. For the full year FY23, disbursements rose 80 per cent to Rs 49,541 crore. Net interest income also grew 24 per cent to Rs 3,057 crore in the reported quarter. With this, the company's full-year revenue stood at Rs 11,056 crore from which it earned Rs 1,984 crore, which is 101 per cent more than it had earned in FY22. During the March quarter, the net interest margin was at 7.4 per cent or Rs 1,723 crore, which is up 13 per cent. Gross bad loans ratio improved to 4.5 per cent from 5.9 per cent, while net bad loans was 1.9 per cent. Its provision coverage ratio stood at 59.5