Launching digital lending platform for two-wheeler loans is a major step taken by Reliance Commercial Finance Ltd in retail lending segment while the rebalancing of the portfolio is progressing well, a top company official said on Wednesday.
"We have made strong progress in Q2 beginning with re-balancing the portfolio in line with our long-term strategy. We continue to see good traction in SME loan growth. Launch of digital lending platform for two wheeler loans is a significant step in our retail lending foray," Devang Mody, Executive Director and CEO, Reliance Commercial Finance, was quoted as saying in a statement.
For the quarter ended September 30, Reliance Commercial Finance posted a total income of Rs 502 crore, registering a year-on-year growth of 2 per cent.
According the company statement, outstanding loan book grew 12 per cent to Rs 12,653 crore and the assets under management (AUM) stood at Rs 16,281 crore as on September 30.
According to the statement, the total disbursement for the period under review stood at Rs 1,606 crore with the small, medium enterprises (SME) segment AUM growing by 33 per cent.
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As on September 30, the company's gross non performing asset ratio was at 4.1 per cent.
--IANS
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