Fintech firms disburse 2.5 crore loans in Q3, FACE reports

economictimes.indiatimes.com:

loans during the third quarter of the fiscal, an increase of 12% compared to a year ago and a marginal degrowth over the previous quarter, (Fintech Association for Consumer Empowerment) FACE said. Disbursement value increased 46% to reach Rs 33,922 crore. The association said average ticket size for loans disbursed at Rs 11,945.

Based on responses from 28 NBFCs, 80% were profitable in the first three quarters of FY23, as opposed to 68% in FY 22-23, said the report. Fintech Association for Consumer Empowerment (FACE) is an industry body that tracks the progress of digital loans.
The report also said that women account for 12% of the loans disbursed and their participation in leadership roles is less.

“Quarterly trends inform us that members are adapting well to the market conditions. The industry is on the path to the remarkable milestone of 10 Crore loans in FY 23-24”, said Sugandh Saxena, CEO at Face. “The scale of 2.5 Crore loans, nearing Rs 34,000 Crore, reflects strong consumer trust and preference for digital loans”