SMFG Grihashakti expands footprint in AP

Affordable housing finance company, SMFG Grihashakti announced the opening of its ninth branch office in Andhra Pradesh, and the first in Eluru city. On a pan India level, the company plans to sustain its growth trajectory by expanding its presence in tier-2 locations, building a strong in-housed team and increased digitalisation of its operations. The financer plans on opening nearly three new branches in FY24, in AP.

Formerly known as Fullerton India Home Finance Company, SMFG Grihashakti reported a year-on-year growth of 44.2 per cent in AUM at Rs 6,427 crore in FY23, as against Rs 4,456 crore in the previous fiscal. Its overall disbursements also grew by 137 per cent at Rs 3,055 crore in FY23 compared to Rs 1,287 crore in FY22.

On the expansion, Deepak Patkar, Managing Director and Chief Executive Officer, SMFG Grihashakti, said: “We entered the state of Andhra Pradesh in 2016 and ever since, we have been addressing the needs of our customers with affordable housing loans.”