Shares of Mahindra & Mahindra Financial Services Ltd. are trading flat after reaching a day’s high of Rs 336.85 on 16th September. This followed the company’s announcement on Friday regarding its entry into the mortgage business, which was approved by its board of directors on 13th September 2024.

M&M Financial Services will offer housing finance, top-up loans, lease rental discounting, home improvement and extension loans, balance transfer loans, and construction finance as part of its mortgage business expansion.

The company plans to take part in government schemes for affordable housing loans, as sanctioned by the Board of Directors on 13th September 2024.

They are planning to invest Rs 20-30 crore over the next 12 months, focusing on IT infrastructure and expanding its mortgage lending services for both existing and new customers.

The company reported a net profit of Rs 513 crore for the April to June 2024 quarter, a 45% increase from Rs 352.7 crore in the same period last year. During the April to June 2024 quarter, the firm’s net interest income (NII) increased by 16% year-over-year to Rs 1,894 crore.

At 9:38 AM, the shares of M&M Financial were trading 0.015% higher at Rs 333 on NSE.

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