Kolkata-based Peerless General Finance & Investment Company will fully stop its deposit taking business by the next financial year.
“In the current year we have stopped accepting fresh deposits and are accepting renewal deposits only, which too will be stopped from 1st April 2011, although the company will naturally continue to honour all maturity payments as these fall due,” said Dipankar Basu, chairman of the board of the company at its 77th annual general meeting here today.
The company registered a net profit of Rs 255 crore in the FY 2009-10, against Rs 236 crore in the previous year.
The high profits earned in FY 2009-10 and the previous year were largely the result of exceptional credits of high value such as one-time fain, and interest on income tax refunds, among other things, according to Basu.
“As a distinct vertical and a key business line of the company, our financial products distribution business, thanks to the concerted efforts of our FPD team,” said S K Roy, managing director of the compay.
The company's capital adequacy ratio of the company stood at 135 per cent as on March 2010.
