Eyeing growth in housing and auto demands and catering to SMEs requirements, non-banking finance company Religare Finvest today said it aimed at trebling its loan portfolio to over Rs 6,700 crore by this fiscal end.
The company has already reached the $1 billion (Rs 4,500 crore) mark in assets by mid November, Religare Finvest Chief Executive Kavi Arora told PTI.
"We aim to cross the the $1.5 billion (Rs 6,750 crore)assets by the end of current fiscal. The credit growth will be across all our lending verticals. We aim to have a loan portfolio of $5 billion by 2015," Arora said.
Religare Finvest had closed the last fiscal (2009-10) with an asset base of Rs 1,700 crore, with 85 per cent of it coming from secured loan, comprising mortgage lending and commercial vehicles and construction equipment loan.
The remaining 15 per cent of assets constitute unsecured loan to SMEs in the form of working capital.
"We are adequately funded to support the loan growth. Our entire capital base or net owned funds are at Rs 1,600 crore which can support the loan portfolio for the next one year," Arora said.
The company plans to cross the Rs 10,000 crore assets by end of FY'12, he said.
In July, Religare Enterprises had acquired Citigroup India's home loan portfolio for Rs 500 crore, representing 5 per cent of the latter's total mortgage book.
The acquisition is the first since Religare Finvest started offering SME loans, besides loans for commercial vehicles and construction equipment.
Asked if the company is looking at any further acquisition, Arora said, "Religare would be looking at inorganic growth as and when it finds companies which match their business portfolio."
Religare Finvest, a wholly-owned subsidiary of Religare Enterprises, is registered with the RBI as an NBFC.
It currently provides consumer finance,IPO financing and personal financial services.
The NBFC is present in 23 cities and employs over 400 people
