Non-banking finance company (NBFC) Home First Finance Company on Wednesday posted 46% year-on-year (y-o-y) growth in its net profit for the first quarter of the current financial year to Rs 51 crore. Total income improved 19% y-o-y to Rs 169 crore in Q1FY23.
The company’s disbursements grew by 117% y-o-y to Rs 661 crore in Q1FY23. Assets under management (AUM) grew by 35.8% y-o-y to Rs 5,832 crore.
“We have expanded our footprint by adding 13 new physical branches and increased our touchpoints from 200 in Q4FY22 to 224 in Q1FY23. This is in-line with our aim to increase our presence in large affordable housing finance markets,” Manoj Viswanathan, managing director and chief executive officer of the company said in a press release.
The company also saw improvement in asset quality. Bounce rates improved to 14% in Q1FY23 from 14.5% on a sequential basis. The bounce rates in July stood at 13.5%. The company’s gross stage 3 non-performing assets declined from 2.3% to 2.1% q-o-q.
Digital adoption has further improved with 84% customers registered on the app as on June 30 and payments received via the app increasing by 82% y-o-y.
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