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Gosree Finance plans to expand its branch network

Our Bureau Kochi | Updated on October 01, 2020 Published on October 01, 2020

New branches will be in Kerala, Tamil Nadu

Gosree Finance Limited, a Kochi-based NBFC, has proposed to expand its branch network to 40 from the present 15 in the current fiscal.

The new branches will be in tier-2 and tier-3 urban centres in Kerala and Tamil Nadu. The major customer base is mostly SMEs and in the last one year, the small borrowers number increased to more than 600 and large borrowers to 150.

Identifying that the small traders, business enterprises, self-employed units are not getting timely institutional credit, the company designed a new product “Gosree Micro Loan” which has helped penetrate markets in small segments. It launched a gold loan business last month in select branches mainly to meet the urgent financial needs of the business community, a press release said.

The company could register a reasonably good performance in FY 2020 and achieved a net profit of ₹5 crore on standalone basis and consolidated profit of ₹4.70 crore, registering growth of over 70 per cent. It could add ₹9.39 crore to its reserves after dividend during its operations in the last 4 years and 3 months. Its net worth grew from ₹2.10 crore to ₹46 crore during the period.

To expand further, the company continue to focus on trading community and medium enterprises with reasonably good cash flows.

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Published on October 01, 2020
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