Muthoot Finance reports Q1 2014 net profits at Rs 194 crores

Business

oi-Sunil

By Sunil Fernandes

Published: Thursday, July 25, 2013, 12:53 [IST]

Gold loan finance company, Muthoot Finance has reported a profit of Rs 194 crores for the quarter ended June 30, 2013 as compared to Rs 246.10 crores for the quarter ended June 30, 2012.

Total Income at the company has decreased from Rs. 1293.78 crores for the quarter ended June 30, 2012 to Rs 1285.79 crores for the quarter ended June 30, 2013.

The loan write off for Q1 were placed at Rs 6 crores. The net interest income for the quarter was Rs 554 crores, while the income from power generation was just Rs 56 lakhs for the quarter.

Shares of Muthoot Finance rallied more then 6 per cent following the results. Muthoot Finance is the only gold loan company to have submitted an application to the Reserve Bank of India for a banking license.

The shares were last traded at Rs 104 on the National Stock Exchange (NSE).

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