Muthoot Finance has recorded Growth In Profit

By | September 23, 2011

According to a recent press repot, Mr. George Alexander, Managing Director, Muthoot Finance Limited Company has said that the company has recorded growth in profit of about 88 percent in the second quarter. The company has attained a net profit Rs. 215 core during the second quarter September 30, which is Rs. 100 core more than the previous corresponding year.

Reports said that the profit for the six month ending was Rs 406 core, which is more than the previous month’s results of about Rs. 199 core. The total income of the company in FY11 was Rs. 529 core and for the FY12 the total income was only Rs. 1,105 core which is 109 cores more. Reports also said that the retail loan assets have increased to Rs 20,940 core.

Reports said that the profits obtained were mainly through the increase in interest rates. It said that the response from the customers for gold loans were good.

Mr. Thomas George Managing Director, Muthoot Capital Services Limited, said that they had achieved a profit of Rs 338.14 lakh in the second quarter, which is more than the corresponding previous year’s results Rs 250.17 lakh. The bank’s total income has gone up to Rs. 1,475.36 lakh and it has attained a growth of 64.11 percent.

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About Pradeep Yuvaraj

Pradeep Yuvaraj is a Co-Founder and Director at Finerva Financial Solutions Private Limited, a financial education company focused on personal finance education. He has penned over 250 articles relating to Personal Finance and clocked over 500 hours of educating individuals on managing personal finance. He is a serial entrepreneur and has been associated with 7 Start-ups. His entrepreneurial experience spans industries as varied as Education, Gas Engineering, Automobile Design, Software development and more recently a Pure play presentation design company. Prior to turning entrepreneur in 2005, he has worked for 3 of the top ten companies of the world - Shell, ExxonMobil and Total SA. This experience included handling Branch Operations, Channel Sales and Business Development across 5 states over a period of 8 years. He holds an MBA from Symbiosis and an Electronics Engineering Degree from the University of Pune.

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