Poonawalla Fincorp Ltd, on Tuesday, 28 May, announced that they have launched a co-branded credit card in collaboration with IndusInd Bank. 

The IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card is created with an aim to redefine and elevate the banking experience of its customers. The launch of this credit card marks a significant milestone in their ongoing commitment towards providing financial solutions to meet the customers evolving needs. 

Abhay Bhutada, managing director of Poonawalla Fincorp, said, “By offering this card, we aim to enhance engagement with our existing customers digitally while also extending our reach to new customers.”

The non-deposit taking systemically important non-bank finance company (ND-SI-NBFC) promoted by the Cyrus Poonawalla Group, which is registered with the Reserve Bank of India (RBI), commenced operations nearly thirty years ago and is currently listed on the BSE Limited (BSE) and the National Stock Exchange of India Limited (NSE).

On 29 April, Poonawalla Fincorp reported its highest-ever quarterly net profit of Rs 332 crore from continuing operations for the quarter ended 31 March. This figure represents an 84% increase compared to the previous year and a 25% increase compared to the previous quarter.

For the financial year 2023-24, the company reported its highest-ever annual net profit of Rs 1,027 crore, marking an 83% year-on-year growth. The total revenue for the year was Rs 915 crore, compared to Rs 577 crore in the previous year.

During the reported quarter, the non-banking financial company experienced a 55% growth in assets under management, reaching Rs 25,003 crore. Furthermore, there was an improvement in asset quality, with gross non-performing assets decreasing by 28 basis points year-on-year to 1.16% and net NPA standing at 0.59%. The filing also revealed a sequential increase of 4 basis points in net interest margin, which reached 11.06%.