Press release from Business Wire India
Source: Fullerton India
Wednesday, November 21, 2012 04:40 PM IST (11:10 AM GMT)
Editors: General: People; Business: Banking & financial services, Business services, Financial Analyst
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Fullerton India Reports Strong Performance
Posts 9.5 times growth in profits
New Delhi, Delhi, India, Wednesday, November 21, 2012 -- (Business Wire India) -- Fullerton India Credit Company Limited is pleased to report a strong half year of financial performance, with a significantly improved Profit After Tax (PAT) of Rs 56.9 Crores for the six month period ended September 30, 2012 (unaudited) against Rs.5.95 Crores in the six month period ended September 30, 2011.
The Company's revenues for the half year ended September 30, 2012 was Rs 563 Crores as against Rs 468 Crores for the half year ended September 30, 2011, which is 20% higher than that in the corresponding period of the previous year. Assets under management grew by 27% to Rs.4,365 Crores during this period. The asset quality continues to be healthy and reflects the strong risk management practices adopted by the Company.
Fullerton India has a diversified product suite which includes Mortgage Loans, SME & Business Loans, Commercial Vehicle Loans, Two-wheeler Loans and Personal Loans and offers these products in urban locations, across 21 states. The Company is rapidly increasing it mortgage-backed lending to the SME segment and has innovated differentiated product offerings to address various business needs of this segment.
The company now has a total of 350 branches and has increased its presence in the Rural markets to 117 Gramshakti branches covering 125 towns and 12,500 villages where it offers loans for advancement of rural livelihoods, business loans to micro-enterprises, two-wheeler and commercial vehicle loans.
Said Shantanu Mitra, Managing Director and CEO, "We have posted a strong performance in the first half of the year and expect to continue this growth over the remainder of the financial year.
With the recent infusion of additional capital and Tier 2 capital we are more than adequately capitalised at 21.59%. We continue to invest in our network and have added 30 new branches in the last six months
I am particularly pleased with our progress on our strategy to grow our secured business and offering customised financial solutions in the segments we serve and have recently launched housing finance and mortgage loan products for the rural markets. Given our wide rural network which covers over 12500 villages, we are excited at the growth prospects through these products. "
Fullerton India Credit Company Limited is a wholly-owned subsidiary of Fullerton Financial Holdings, Singapore, which is a subsidiary of Temasek Holdings of Singapore.
To view the Financial Results, please click on the link given below:
Financial Results
For picture(s)/data to illustrate this release click below:
http://www.BusinessWireIndia.com/attachments/Financial_Results(12).pdf
Financial_Results(12).pdf
CONTACT DETAILS
Ravi Shankar, EVP Marketing, Fullerton India, +91 9967642389
Manoj Awasthi, +91 9811135420
KEYWORDS
PEOPLE, BANKING, BUSINESS SERVICES, Financial Analyst
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