 "Home Insurance")
Housing finance company Can Fin Home Ltd had a weak second quarter in the current financial year ending March 31, 2024 (FY24) on witnessing slippage of Rs 64 crore from Covid-restructured book and low disbursement of just over Rs 2,000 crore.
After stabilising operations, it is now looking to scale up disbursement to Rs 3,000 crore in Q3 and Q4, each, and expects further slippage from restructure book to be Rs 30 crore in H2FY24.
Sequentially, growth in terms of disbursements at Rs 2,019 crore in Q2FY24 was better than Rs 1,966 crore in Q1FY24. However, it was lower than Rs 2,245 crore in Q2FY23.
After detection of fraud at its branch in Ambala in July 2023, the mortgage lender focussed on tightening internal controls and improving processes, impacting the disbursements in Q2FY24.
Suresh Iyer, managing director and chief executive officer, Can Fin Homes, said that the mortgage lender was targeting over Rs 10,000 crore disbursements for FY24.
The changes in systems and control, the network will be able to focus on business and improve disbursements in the second half of the current financial year.
Bengaluru-based mortgage lenders’ disbursements were worth Rs 3,985 crore in April-September 2023 (H1Fy24). The outstanding loan book grew by 15.73 year-on-year basis to Rs 33,359 crore at the end of September 2023.
