Gold loan Non-banking Financial Company (NBFC) Muthoot Finance on Wednesday reported a marginal increase of 1.65% in its net profit for the quarter ended June 30 to Rs 183.15 crore from Rs 180.18 crore in the corresponding quarter of last fiscal.
Total income during the quarter stands at R1,140 crore as against R1,087.5 crore in Q1 of FY 15.
Sequentially, the net profit has increased by 11% from R165 crore in Q4 of FY15. For the complete fiscal of 2014-15 the net profit stood at R671 crore. Speaking on the occasion George Alexander, managing director, Muthoot Finance said, “the company’s profit has gone up in the last three quarters. The business is back on track with loan growth consistent in the last four quarters. Company continues to maintain a higher asset provisioning standard of 0.50% against regulatory requirement of 0.25%.”
He said, that the company has also introduced the facility of online payment of interest on gold loans during the quarter.
“We have activated gold loan business in the subsidiary company in Sri Lanka and we see good potential for growth in that geography,” he said.