Money & Banking

Manappuram Finance net up 134% in Q1

Our Bureau Kochi | Updated on July 28, 2011 Published on July 28, 2011

Manappuram Finance Limited has registered a 133.6 per cent growth in its net profit for the first quarter ended June 30, at Rs 107.83 crore, compared to Rs 46.15 crore for the same period last year.

Mr V.P. Nandakumar, Executive Chairman said in a press release that the company reported continuing vigorous growth in its Gold Loan Assets under Management (AUM) which stood at Rs 8,951 crore, as against Rs 3,310 crore in Q1 of the previous year. This was matched by sharply higher (an increase of 120 per cent) aggregate gold loan disbursements during the quarter, at Rs 6,858 crore compared to Rs 3,111 crore disbursed during Q1 last year.

The operating income for the quarter recorded a growth of 164.9 per cent, at Rs 492.90 crore compared to Rs 186.07 crore for the comparable quarter of the previous year. The profit before tax grew to Rs 159.61 crore (Rs 69.16 crore) and provision towards income tax stood at Rs 51.78 crore (against Rs 23.01 crore for Q1 last year).

The company has opened 216 new branches during the quarter, taking its national network to 2,280 branches spread across 22 states and Union Territories. The average business per branch has increased to Rs 3.93 crore as against Rs 3.64 crore during the previous quarter. A total of 1.76 lakh net customers were added during the quarter, extending the total customer base to 13.63 lakh.

Published on July 28, 2011
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