Muthoot Finance Reports 61% Jump In Q3 Net Profit (31-Jan-2012)
Muthoot Finance has reported results for third quarter ended December 31, 2011.
The company has posted a jump of 61.27% in its net profit of Rs 250.88 crore for the quarter ended December 31, 2011 as compared to Rs 155.57 crore for the same quarter in the previous year. Total income has increased by 90.58% from Rs 645.79 crore for Q3FY11 to Rs 1230.76 crore in the quarter under review.
Muthoot Finance is a non-deposit taking systemically important non-banking finance company (NBFC). It is primarily in the business of lending against used household gold jewellery to individuals. The company provides personal and business loans secured by gold jewellery, or gold loans, primarily to individuals who possess gold jewellery but could not access formal credit within a reasonable time, to meet short-term liquidity requirements.
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