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Monday, January 14, 2013

Muthoot Finance Q3 net up 7.65 % at Rs 270 cr

Muthoot Finance Ltd has registered a 7 per cent growth in its net profit in the third quarter of FY13 at Rs 270 crore, against Rs 251 crore last year. Total income for the period also grew by 11 per cent at Rs 1,365 crore against Rs 1,230 crore.

For the nine-month period ended December 31, the company registered a 19 per cent growth in its net profit to Rs 784 crore compared to Rs 657 crore the previous fiscal.

Total income stood at Rs 3,976 crore compared to Rs 3,255 crore — a growth of 22 per cent.

Retail Loan Assets Under Management increased by Rs 1,969 crore to Rs 25,712 crore during Q3 FY13. The branch network also witnessed a 12 per cent growth in the nine-month period, reaching 3,914 against 3,480 in the corresponding period.

M. G. George Muthoot, Chairman, said the company has been able to register a growth of Rs 1,969 crore in its asset under management against a de-growth of Rs 1,337 crore in the first quarter, and a growth of Rs 405 crore in the second quarter. It signifies the beneficial fall out of the strategic steps the company has taken to address the regulatory restrictions imposed on gold loan NBFCs, he said.

The company, he said, has obtained the approval of shareholders through postal ballot to raise the public holding of its shares to 25 per cent from the current 19.88 per cent, to follow the SEBI stipulation of a minimum public holding of 25 per cent by May 2014. George Alexander Muthoot, Managing Director, said the negative perception created in the minds of the public about gold loans has been dispelled by the KUB Rao committee report. With this report, it is clear now that gold loans are a useful product for the society and the financial inclusion NBFC bring in, he said.

“There are certain ‘hygiene measures’ to be followed by NBFCs in this space which we will try to ensure compliance through our self regulatory body Association of Gold Loan Companies (AGLOC) to its members,” he said.


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