Home First Finance logs 30% AUM growth in FY22

Hyderabad: Home First Finance Company India Ltd, said that it has logged an AUM of Rs 5,380 crore in FY22 from Rs 4,141 crore in FY21, registering a growth of 30 per cent when compared with FY21.

This has enabled more than 60,000 customers across 13 States/UT in India to own a home of their own. AUM growth has enabled us to disburse more than Rs 2,000 crore loans as per our original plan in spite of the Covid second wave related setback in Q1, the company said in a statement.

According to Home First Finance, company's focus on quality has resulted in the GNPA of 2.3 per cent in line with RBI circular dated 12 November 2021. Prior to such classification, it stood at 1.3 per cent (March 2021: 1.8 per cent).

Manoj Vishwanathan, MD and CEO, Home First Finance said: "It was the worst of times and then again it was the best of times… this rewording of the old classic is the best fit which Home First Finances has experienced in this financial year." Home First is well positioned and committed to capitalize on this opportunity. We are currently present in 200 touch points across 98 districts and 13 States/UT. The company is expanding its presence in six focus States viz., Gujarat, Maharashtra, Tamil Nadu, Karnataka, Andhra Pradesh and Telangana, he added.

According to Manoj Vishwanathan, Home First intends to be present in 400 cities in next 2-3 years. This will give the company access to 70 per cent of the affordable housing business in India. The company will continue to invest in technology to automate processes, improve turnaround times and service levels, improve productivity and reduce costs.

Home First aims to reduce its cost to income to 30 per cent levels in the next three years. Focusing on providing extraordinary service and industry leading turnaround times has enabled us to maintain our pricing power. Our average yield stands at 12.8 per cent.