Poonawalla Fincorp launches co-branded credit card with IndusInd Bank

Poonawalla Fincorp launches co-branded card with IndusInd Bank

Poonawalla Fincorp Limited on May 28 said it has launched a co-branded credit card in collaboration with IndusInd Bank.

The IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card is designed to redefine and elevate the banking experience of customers, the company said in a press release.

With this launch, Poonawalla Fincorp marks a significant milestone in their ongoing commitment to providing tailored financial solutions to meet the evolving needs of their customers, the company said.

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

The Cyrus Poonawalla Group-promoted non-deposit taking systemically important non-bank finance company (ND-SI-NBFC), registered with the Reserve Bank of India (RBI), started operations nearly three decades back and is listed on the BSE Limited (BSE) and the National Stock Exchange of India Limited (NSE).

Poonawalla Fincorp on April 29 reported its highest-ever quarterly net profit from continuing operations at Rs 332 crore in the quarter ended March 31, which was 84 percent higher over the last year and 25 percent over the last quarter.

For the financial year 2023-24, the company reported its highest-ever annual net profit of Rs 1,027 crore, rising 83 percent YoY. The total revenue stood at Rs 915 crore compared to Rs 577 crore a year ago.

The non-banking financial company also reported an on-year growth of 55 percent in assets under management to Rs 25,003 crore in the reported quarter. It’s asset quality saw some improvement as the gross non-performing assets reduced by 28 bps YoY to 1.16 percent, while the net NPA stood at 0.59 percent. The net interest margin rose by 4 bps sequentially to 11.06 percent, the filing showed.