Muthoot Finance full year net doubles

Muthoot Finance Limited (MFL), a Kochi-based gold financing company, reported a net profit of Rs 494 crore for the year ended March 31, 2011, a growth of 117 per cent Rs 227 crore in the previous fiscal. Its total income grew 112 per cent to Rs 2,316 crore in 2010-11, as compared to Rs 1,089 crore a year ago.

M G George Muthoot, chairman, MFL, said, "On a higher base we have been able to achieve a higher growth rate of 113 per cent in retail loan asset under management and sustained profitability despite offering loans at rates starting from 12 per cent in a highly competitive environment."

 

Its gold loan outstanding as on March 31, 2011, grew 114 per cent to Rs 15,728 crore as against Rs 7,341 crore in 2009-10. Its branch network increased to 2,733 from 1,605 in 2009-10.

A total of 112 tonnes of gold was pledged with the company during 2010-11, clocking an average per branch business of Rs 5.75 crore. The total value of stock of gold jewellery pledged with it increased to Rs 21,785 crore as against Rs 10,059 in the previous fiscal.