Money & Banking

Karvy Fin aims at loans outstanding of Rs 3,000 cr

| | Updated on: Apr 24, 2011

Karvy Finance, the NBFC arm of the Karvy group, aims to rapidly scale up its loans outstanding to Rs 3,000 crore by FY-14 from the Rs 355 crore in March this year, a top company official said.

“Over the next three years (by FY-14), we aim to up our loans outstanding to Rs 3,000 crore,” Karvy Finance CEO, Mr Amit Saxena, said here.

According to the company’s road map till FY-14, it is targeting Rs 1,000 crore loans outstanding this year (FY 12), Rs 2,000 crore in FY-13 and Rs 3,000 crore in FY-14.

“The market is picking up and we are now in a good position to tap the available opportunities having built up a strong team and robust processes. From Rs 355 crore of loans outstanding in FY-11, we are on course to scale it up to Rs 3,000 crore by FY-14,” Mr Saxena said.

The company, which achieved break even in FY-10, has clocked a PAT of Rs 11 crore in FY-11.

It is active in three product lines — loans against shares, loans against gold and business loans against property — and intends to stick to these three going forward.

“We have so far disbursed Rs 200 crore against shares, Rs 145 crore against property and Rs 15 crore against gold — the last business was started only six months ago,” Mr Saxena said.

In FY-12, the company aims to up it to Rs 450 crore each against shares and property and to Rs 100 crore against gold.

Mr Saxena said that on an average, Karvy Finance lends about Rs 50,000 against gold, about Rs 25—30lakh against property but this could go up to Rs 1 crore and about Rs 1 crore or a little more against shares.

Published on April 24, 2011

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