TVS Credit Services posts 14% rise in AUM at Rs 23,516 cr as of Sep

Leading non-banking financial company TVS Credit Services Ltd has witnessed its assets under management grow by 14 per cent to Rs 23,516 crore as of September 30, 2023 the company said.

The city-based company had registered an AUM of Rs 20,602 crore as of March 31, 2023.

The company reported a 40 per cent growth on its net profit after tax for the quarter ending September 30, 2023 at Rs 134 crore, as compared to Rs 96 crore during the corresponding quarter of last year, a company statement here said.

The company had registered a net profit after tax of Rs 252 crore for the half year ending September 30, 2023.

In the first half of FY24, credit demand continued to be strong, aided by higher consumption and infrastructure outlay by the government. During H1 FY24, TVS Credit's business witnessed significant growth, led by the robust performance of consumer loans with a book growth of 59 per cent compared to H1 FY23, the statement said.

The company also added 20 lakh new customers during H1 FY24 resulting in a total customer base exceeding 1.2 crore, the statement said.

As part of digital transformation initiatives, TVS Credit has also transitioned all applications onto the cloud platform, enhancing operational efficiency and performance, the statement added.