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Friday, October 28, 2011

Muthoot Finance Q2 net zooms 88%

Gold loan company Muthoot Finance Ltd has registered a growth of 88 per cent in its net profit to Rs 215 crore for the second quarter ended September 30 against Rs 115 crore in the corresponding period of the previous fiscal.

The figures for six months ended September 30 stood at Rs 406 crore against Rs 199 crore in the year-ago period.

The total income for Q2 FY12 stood at Rs 1,105 crore against Rs 529 crore in Q2 FY11, a growth of 109 per cent. The retail loan assets under management increased by Rs 2,991crore to Rs 20,940 crore.

Mr George Alexander Muthoot, Managing Director, Muthoot Finance Ltd, said that there has been increase in our cost of borrowings on account of inflation-driven hikes in interest rates and the impact of loss of priority sector funding status.

We were forced to pass on this increase to our borrowers. In spite of this we are witnessing good gold loan demand, as borrowers find this mode convenient, quick and transparent.

Muthoot Capital

Muthoot Capital Services Ltd has registered a 34.87 per cent growth in its net profit touching Rs 338.14 lakh in the second quarter, against Rs 250.71 lakh in the second quarter last year.

The total income increased to Rs 1,475.36 lakh from Rs 899.02 lakh, registering a growth of 64.11 per cent. Interest expenditure increased from Rs 257.35 lakh to Rs 453.32 lakh, an increase of 76.15 per cent.

Mr Thomas George Muthoot, Managing Director, Muthoot Capital Services Ltd, said the company has already established itself as one of the leading players in automobile financing in Kerala.

It has also established its presence in the other South Indian States and is in the process of expanding business there, he added.


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