The Muthoot Group aims to double its business to Rs 20,000 crore in the 2010-11 fiscal, a top official of the company today said.
The company, which has 90 per cent of its revenues emanating from gold loans, is aiming at a business of Rs 14,800 crore from gold loans, and Rs 5,100 crore from gold bonds, Managing Director, George Alexander Muthoot told reporters in a press meet here.
During 2009-10 fiscal, the company recorded a growth of 119 per cent over the previous year in distribution of gold loans. During the fiscal Rs 7,401 crore revenue was realised from lending gold while Rs 3,102 crore from gold bonds. The total business was Rs 10,5013 crore.
The company aims to add 1,075 new branches this fiscal -- 575 in southern states and 500 in northern states. Over 600 branches were opened this year, Executive Director, K P Padmakumar, said.
Presently, it has 1700 branches. The group has opened an office in New Jersey in US for remittance business. It has taken over a company for this.
Gold lending in UK was a big business and Muthoot has plans to launch its operations in UK and was awaiting approvals from regulatory authority, he said. It also opened a money exchange company in Dubai last year.