SMFG India Targets Rs 60,000 Crore AUM by FY 2024-25

Sumitomo Mitsui Financial Group (SMFG) India Credit aims to achieve assets under management (AUM) of Rs 60,000 crore by the end of the financial year 2024-25, up from Rs 45,000 crore last fiscal. The NBFC also plans to expand its branch network, adding branches in Tier 2 cities and rural areas.

Sumitomo Mitsui Financial Group (SMFG) India Credit, a prominent non-banking financial company, announced an ambitious target for its assets under management (AUM) to reach Rs 60,000 crore by the end of the financial year 2024-25.

According to a statement released by the company on Tuesday, the AUM was Rs 45,000 crore during the last fiscal year.

In an effort to broaden its reach, the NBFC will expand its branch network, having already added 300 branches predominantly in Tier 2 cities and rural areas over the past two years. The total number of branches now stands at 1,000.

The company emphasized its commitment to sustainable development and inclusive prosperity in its expansion plans.

(With inputs from agencies.)