Muthoot Finance on Monday reported 29 per cent growth in net profit at Rs 246 crore during the first quarter ended June 30.
The Profit After Tax (PAT) during the same period last year was Rs 190 crore, Muthoot Finance Ltd chairman, Mr M G George Muthoot told reporters while releasing the first quarter results.
Total income grew by 41 per cent at Rs 1,294 crore, retail loan assets under management decreased by Rs 1,337 crore to Rs 23,336 crore, a decline of five per cent.
The RBI restrictions in March this year with regard to the maximum loan that could be given against the value of the gold jewellery pledged did create concern, he said.
Mr Alexander Muthoot, Managing Director said the company was on consolidation phase this year as part of which it has ’trimmed’ its expenses. This year only 250 new branches would be opened against 1,000 in 2011—12 and 950 in 2010—11.