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Term explained · Banks and lenders

What is AUM for an NBFC? Meaning, and how it differs from loans

AUM (assets under management) for an NBFC in plain English: how it differs from the loans on the balance sheet, with real lender figures on Cityfort.

Reviewed by Cityfort Research on , 1 min read

For learning only. Cityfort is not a SEBI-registered adviser and does not recommend buying or selling any security. Prices shown are dated and may be out of date.

What does AUM mean for a lender?

AUM stands for assets under management. For a lending company, it is the total value of the loans it manages.

It is the headline size number for most NBFCs. Bajaj Finance, for example, reports its consolidated AUM in its quarterly results press release.[S1]

What is an NBFC?

An NBFC, or non-banking financial company, lends and invests like a bank but is not one. RBI says NBFCs cannot accept demand deposits or issue cheques drawn on themselves.[S2]

So NBFCs fund their loans in other ways, such as bonds and bank loans. Some NBFCs also take fixed deposits, and RBI notes those carry no deposit insurance.[S2]

How is AUM different from loans on the balance sheet?

The balance sheet shows only the loans the lender still owns. A lender can sell, or "assign", some loans to a bank and keep collecting the repayments for a fee.

Those loans leave the balance sheet but stay in AUM. Bajaj Finance's results show fees for managing such an assigned loan portfolio.[S1]

Each lender defines AUM in its own presentation, so read its glossary before comparing two companies.

What do banks show instead?

Banks report their loans as "advances" on the balance sheet. The block below shows advances for each lender on Cityfort, the closest number every lender reports.

For banks, it also shows loans as a share of deposits, the credit-deposit ratio.

See it in real companies

A related number at companies on Cityfort: Loans (advances)

AUM adds loans a lender has sold but still collects to the loans it owns. These lists show advances, the loans on the balance sheet, and for banks the credit-deposit ratio.

5 companies on Cityfort, listed A–Z (not ranked).

Bajaj Finance
₹4.99 lakh crFY26 · consolidated · source S1, S8
HDFC Bank
₹29.37 lakh crFY26 · standalone · source S1, S62
ICICI Bank
₹15.54 lakh crFY26 · standalone · source S24, S1
Kotak Mahindra Bank
₹4.96 lakh crFY26 · standalone · source S1
SBI
₹48.78 lakh crFY26 · standalone · source S1

From each company's filings, as cited on its Cityfort stock page. These figures change when a stock page is updated.

See it in real companies

A related number at companies on Cityfort: Credit-deposit ratio

4 companies on Cityfort, listed A–Z (not ranked).

HDFC Bank
94.6%FY26 · derived: loans ÷ deposits · source S1, S62
ICICI Bank
86.6%FY26 · derived: loans ÷ deposits · source S24, S1
Kotak Mahindra Bank
86.6%FY26 · derived: loans ÷ deposits · source S1
SBI
81.6%FY26 · derived: loans ÷ deposits · source S1

From each company's filings, as cited on its Cityfort stock page. These figures change when a stock page is updated.

Questions people ask

What is an NBFC?
An NBFC is a company registered under the Companies Act whose principal business is lending, investing in securities, leasing or hire purchase. It must be registered with the RBI.[S2]
How is an NBFC different from a bank?
RBI lists three differences: NBFCs cannot accept demand deposits, cannot issue cheques drawn on themselves, and their depositors do not get DICGC deposit insurance.[S2]
Why can AUM be bigger than the loans on the balance sheet?
AUM can include loans the lender has sold or assigned to others but still collects on. Those loans have left its balance sheet, but it still manages them.

Sources

  1. S1Bajaj Finance: Q2 FY27 results, outcome of board meeting and press release (quarter ended 30 Sep 2026) · NSE (company filing)Tier 1: company or exchange filing · 19 Oct 2026
  2. S2All you wanted to know about NBFCs (FAQs, updated as on 15 Sep 2026) · Reserve Bank of IndiaTier 1: company or exchange filing · 15 Sep 2026

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