IIFL Home Finance eyes Rs 24,000 crore AUM by March-end

By Piyush Shukla

IIFL Home Finance is targeting assets under management (AUM) growth of 15-16% on a year-on-year basis to at least Rs 24,000 crore by March end, the company’s executive director and chief executive office (ED & CEO) Monu Ratra told FE. Ratra said that disbursements momentum has meaningfully picked up from June onwards and the first two months of third quarter, October-December, were ‘very promising’ in terms of credit growth.

As on September end, IIFL Home Finance’s assets under management stood at Rs 21,474 crore and 99% of the housing loan customers onboarding was done via digital channels in the quarter ended September. In July-September, the housing financier’s disbursements stood at Rs 1,955 crore, up from Rs 1,185 crore a year ago.

Further, Ratra said while the Reserve Bank of India’s new norms on prompt corrective action for non-banking finance companies will likely not have a mass effect on most large-scale non-bank lenders, the clarification on daily stamping of NPAs will likely have a marginal impact on IIFL Home Finance’s gross bad loans.

As on September-end, IIFL Home Finance’s gross and net NPA ratio stood at 2.07% and 1.39%, higher than 1.99% and 1.30% as on June end, respectively.

“We have been conservative in providing provisions so we do not see any material…