Lending rates almost peaked, reduction to follow over next 1 year: Bhutada

Bhatuda says that as far as passing of the reduction of rates to customers is concerned, the same will follow the interest rate movement across the industry

Poonawalla Fincorp posted robust credit growth in the third quarter of 2023-24 (FY24). Abhay Bhutada, managing director of the consumer banking company, tells Abhijit Lele in an email interview that the interest rate cycle is at a turning point with prospects for reduction in lending rates over next one-year period. Edited excerpts:

What has contributed to high growth in loans and interest margins in the October-December quarter?
 

Our assets under management (AUM) grew 58 per cent year-on-year (Y-o-Y) to Rs 21,946 crore as on December 31. The growth has come from the gain in market share of existing products and