Fullerton India Q3 net up 78% at Rs86 crore
During the quarter, there was a 45% increase in loan disbursal at Rs.1,730 crore
Mumbai: Non-bank lender Fullerton India, a subsidiary of Singaporean sovereign wealth fund Temasek Holdings, on Tuesday reported a 78% growth in net profit at Rs.86 crore for the October-December quarter.
The company’s total revenues for the same period were up 24% at Rs.448 crore, it said in a statement. During the reporting quarter, there was a 45% increase in loan disbursal at Rs.1,730 crore, said the company which is into loans against property, and lends to SMEs, commercial vehicle and two-wheeler purchases, personal loans, rural livelihood loans, rural mortgage and housing finance.
The assets under management grew 30% to Rs.7,802 crore during the quarter. “The past few quarters have been good for the business environment with the key economic indicators pointing towards a long-term recovery,” its chief executive and managing director Shantanu Mitra said.
Both the rural as well as urban businesses have witnessed a growth for the company and expressed optimism about the trend continuing, he added. The company expanded its network to 195 branches as on 31 December and plans to add 32 more branches by March this year, the statement said. It employs 7,000 people at present, with half of them devoted to working in the rural areas, the statement said.
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