Gold finance company Muthoot Finance today said its profit has more than doubled to Rs 494 crore for the financial year ended March 2011, as compared to Rs 227 crore in the previous fiscal.
The total income of the company rose 112% to Rs 2,316 crore at the end of FY11, Muthoot Finance said in a statement.
"We have been able to achieve a higher growth of 113% in retail loan asset under management and sustained handsome profitability despite offering loans at starting rates of 12%," Muthoot Finance Chairman MG George Muthoot said.
At the end of March, the branch network of Muthoot Finance grew by 70% to 2,733 and the number of loan accounts rose to 4.7 million from 2.8 million at the end of FY10.
Muthoot Finance got listed on the bourses on May 6. The company had raised Rs 900 crore through an initial share sale offer in April.
Shares of Muthoot Finance close at Rs 157.30, up 1.29% over the previous close on the BSE.
