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Muthoot Finance Ltd has registered an 80 per cent increase in its net profit, at Rs 892 crore in fiscal 2012, against Rs 494 crore in the previous fiscal.
The company's net profit in the fourth quarter stood at Rs 236 crore against Rs 136 crore in the corresponding period of the previous fiscal.
Mr M. G. George Muthoot, Chairman, Muthoot Finance Ltd, said at a press meet here on Tuesday that retail loan assets under management increased by 55 per cent to touch Rs 24,673 crore in FY'12. Total income grew by 96 per cent to touch Rs 4,549 crore.
He said the Board of Directors had recommended a maiden dividend of 40 per cent for the fiscal, subject to the shareholders' approval.
He said that the operating environment of the company has been substantially redefined on account of the restrictions imposed by Reserve Bank of India in February on the maximum loan that could be given against the value of jewels pledged.
The company, with a branch network of 3,678 outlets spread across 21 States and four Union Territories, is taking steps to sustain growth and profitability in the changed business environment, by complying with the RBI directives in full , he said. Asked about competition from banks in its gold loan business, Mr K.P. Padmakumar, Executive Director, said the company would sustain its profitability despite the RBI restrictions and competition from banks.
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