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Mahindra Finance disburses over Rs 2,000 crore for second time in Aug

Mahindra & Mahindra Financial Services (Mahindra Finance) on Friday said it has disbursed over Rs 2,000 crore for the second time in a row in August

Mahindra & Mahindra Financial Services | Loan disbursals | Mahindra Group

Press Trust of India  |  New Delhi 

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(Mahindra Finance) on Friday said it has disbursed over Rs 2,000 crore for the second time in a row in August.

In August 2021, the business continued its momentum with a disbursement of more than Rs 2,000 crore for the second month in a row.

The total disbursement at about Rs 2,150 crore delivered 57 per cent year on year growth, albeit on a lower base of August 2020, which was impacted by the first wave of COVID-19, Mahindra Finance said in a release.

The collection efficiency was reported at nearly 97 per cent for August 2021, further improving to 95 per cent in July 2021.

Collection efficiency in April, May and June was 72 per cent, 67 per cent, 90 per cent, respectively.

"With the opening of the economy and improved mobility, the company witnessed a meaningful reduction in the NPA (non-performing assets) contracts during the month as customer cash flows improved.

"We believe that this is a very encouraging sign. The company expects this downward trajectory to continue in September and in months to come," it said.

Mahindra Finance said it enjoyed a comfortable liquidity position on its balance sheet as on date.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Fri, September 03 2021. 19:53 IST