07 February 2025
Abhimanyu Munjal-led NBFC Hero Fincorp has seen an 80 percent rise in loan write-offs in the first three quarters of FY25, which widened to Rs 2,180.9 crore from Rs 1,214.7 crore in the year-ago period, the company’s filings show.
The company sold off more than 2.95 lakh written-off loans worth Rs 1,874.73 crore for just Rs 49.85 crore.
Moneycontrol reported on April 8, 2024 that the lender wrote off loans worth Rs 1,214.7 crore in the first nine months of FY24.
Hero Fincorp’s assets under management stood at Rs 53,642 crore as on September 30, 2024, comprising personal loans (30.7 percent), 2-wheeler finance (16.9 percent), secured small and medium-sized enterprise (MSME) loans (12.9 percent), unsecured MSME loans (11.2 percent), corporate loans (9.7 percent), pre-owned car finance (7.3 percent), home loans (6.7 percent) and loan against property (LAP) and others (4.7 percent), a report by credit rating agency ICRA said.
The growing problem of bad loans has again seen the lender's gross non-performing assets (NPA) rise.
Abhimanyu Munjal-led NBFC Hero Fincorp has seen an 80 percent rise in loan write-offs in the first three quarters of FY25, which widened to Rs 2,180.9 crore from Rs 1,214.7 crore in the year-ago period, the company’s filings show.
The company sold off more than 2.95 lakh written-off loans worth Rs 1,874.73 crore for just Rs 49.85 crore.
Moneycontrol reported on April 8, 2024 that the lender wrote off loans worth Rs 1,214.7 crore in the first nine months of FY24.
Hero Fincorp’s assets under management stood at Rs 53,642 crore as on September 30, 2024, comprising personal loans (30.7 percent), 2-wheeler finance (16.9 percent), secured small and medium-sized enterprise (MSME) loans (12.9 percent), unsecured MSME loans (11.2 percent), corporate loans (9.7 percent), pre-owned car finance (7.3 percent), home loans (6.7 percent) and loan against property (LAP) and others (4.7 percent), a report by credit rating agency ICRA said.
The growing problem of bad loans has again seen the lender's gross non-performing assets (NPA) rise.
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