Mahindra & Mahindra Financial Services said that its board approved to expand the mortgage business which will includes housing finance, top-up loans, lease rental discounting, home improvement and home extension loans, balance transfer loans.
The company would also participate in affordable housing loan schemes of Governments.
The said expansion would leverage the companys established presence in the financial services sector and its deep understanding of the customer needs resulting in increase in the mortgage lending opportunity to its existing customers as well as new customers.
The company will invest approximately Rs 20 to Rs 30 crore over for next 12 months, including IT spends.
Mahindra & Mahindra Financial Services (Mahindra Finance), part of the Mahindra Group, is one of India’s leading non-banking finance companies. Focused on the rural and semi-urban sector, the company has over 10 million customers and has an AUM of over $11 billion. The company is a leading vehicle and tractor financier, provides loans to SMEs and also offers fixed deposits.
The NBFCs standalone net profit jumped 45% to Rs 513 crore on 20% increase in total income to Rs 3,760 crore in Q1 FY25 over in Q1 FY24.
The scrip rose 0.44% to Rs 332.75 on the BSE. The counter hit 52-week high at Rs 336.60 in intraday today.
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First Published: Sep 13 2024 | 3:46 PM IST
