Page 3 - Nbfc Sector

Moneyboxx Finance Q3 results: Profit at Rs 2 cr, total income at Rs 33.5 cr

Moneyboxx Finance, an NBFC engaged in small business lending segment, has reported a profit of Rs 2.01 crore for the quarter ended December 2023. The company had incurred a loss of Rs 2.7 crore in December quarter last financial year. The company posted a profit after tax of Rs 5.02 crore in April-December 2023-24. It incurred a net loss of Rs 7.22 crore in the year-ago period. In December quarter FY24, total income was at Rs 33.52 crore. It was Rs 13.19 crore in the year-ago period. In a statement, the company said its assets under management more than doubled to Rs 530 crore as of December 31, 2023, driven by branch expansion, higher productivity, and growth in lending partnerships. "We have built a sustainable, scalable, and tech-driven business model with robust underwriting practices to cater to the promising and underserved small business loan market in rural and semi-urban areas," said Deepak Aggarwal, Co-CEO and CFO of Moneyboxx Finance. The company caters to micro ...

Axis Bank Q3 net profit up 4% at Rs 6,071 cr, net interest income rises 9%

Net Interest Income reported 9 per cent growth to Rs 12,532 crore while other income was up 22% to Rs 5555 crore

NBFC business has to hit the reset button after RBI strengthens norms

Shadow banks will have to review how they lend money as Mint Road puts a squeeze on their credit lines

Bank credit to NBFCs grows 22% in Oct, exposure to sector at Rs 14.8 trn

The RBI norms on an increase in risk weights exclude bank loans to housing finance companies or bank loans backed by priority sector loans (PSL)

Cholamandalam Investment joins Rs 1-trillion market cap club; hits new high

The stock hit a record high of Rs 1,239.80, surging 7 per cent in the past two trading days

LIC Housing Finance, HDB cut fundraise amount due to volatile market

LIC Housing raises Rs 941 cr against indicative Rs 1,500 cr

Manappuram Finance slips 4% after 10% equity change hands via block deal

At 09:15 AM; around 88.4 million shares representing 10.44 per cent of total equity of Manappuram Finance changed hands on the BSE, the exchange data shows.

RBI announces guidelines to accept green deposits by banks, NBFCs

The central bank has identified nine sectors in which the proceeds from these green bonds must be used. They include renewable energy and green transport

Fullerton India's total disbursals jump 41% in 9MFY23, AUM rises 34%

Speaking on the overall performance, the management said that the company's performance in FY22 and 9MFY23 reflected deep commitment to customers

Regulating NBFCs like banks to impair lending model: FIDC to FM Sitharaman

According to the memorandum, if NBFCs are to be regulated like banks, then the typical NBFC model of lending will suffer which will have an impact lending to the unbanked/ underbanked segment

State-owned NBFCs looking to tap into India's first sovereign green bonds

The finance ministry is yet to confirm their participation and draw broad contours of the bond issuance

Warburg Pincus to acquire majority stake in MSME lender Vistaar Finance

NBFC has more than Rs 2,600 crore in AUM and it has some 200 branches

'Upper layer' NBFC tag for Tata Sons calls for a new compliance policy

Tata Sons will have to appoint a new chief compliance officer (CCO)

Action against M&M Financial Services won't affect other NBFCs: RBI

Experts had pointed out that in light of these directions against one entity, recovery activities of NBFC sector could get impacted as a majority of NBFCs rely on outsourced agents for loan recovery

ICICI Pru, 14 insurance firms evaded Rs 824 crore input tax credit

Officials said further investigation revealed that other insurance companies and NBFCs also exploited a similar route to avail of ineligible ITC

Corporate debt quality remains steady in June after improving since Feb

According to CARE Ratings, upgrades in rated debt can be attributed to higher demand with the economy opening up after lockdowns, releasing pent-up demand, and lower cost of capital

Employee costs surge over 12% to a record Rs 10.8 trillion in FY22

Employee costs rose over 12% in FY22, the fastest in 8 years

Finance Ministry permits state-owned NBFCs to issue letter of comfort

Modifying its earlier order, the finance ministry has permitted state-owned NBFCs to issue 'Letter of Comfort (LOC)' to banks for for fund tie-up for infra projects. Earlier in March, the finance ministry had asked other ministries and departments not to issue 'Letter of Comfort' to any hired entity for undertaking projects on their behalf, as part of efforts to improve transparency in fiscal management. "In view of the foregoing and considering that the CPSE-NBFCs are important players in the infrastructure sector, it has been decided that CPSE NBFCs may issue LOCs," an office memorandum issued by the finance ministry dated June 10 said. The memorandum posted on the the finance ministry website on Monday laid down certain conditions which include that lender should be a NBFC (Non-Banking Finance Company) registered with RBI. NBFCs should be involved in infrastructure sector and LOCs should be provided by banks only for opening letter of credit for supply of goods and services by .

Seeds Fincap plans to disburse Rs 250 crore in next financial year

The company, which has operations in Uttar Pradesh, Haryana and Rajasthan with 24 branches in Tier 2 and 3 towns, completed disbursement of Rs 50 crore worth loans on Wednesday

NBFC Q2 loan sanctions up 17% YoY, personal loans up 90%: Report

Capex loan sanctions still in negative territory