By IANS,
Hyderabad : India’s only listed and highest credit rated gold loan company, Manappuram General Finance and Leasing Limited (MAGFIL), has set a target of recording over 100 percent growth in profit of Rs.225 crore this financial year.
In 2009-10, the company made a profit of Rs.100 crore.
“Our loan book will also grow by over 100 percent,” MAGFIL chairman V. P. Nandakumar told reporters here Friday.
The company hopes its assets under management will cross Rs.5,000 crore this year. It was Rs.2,550 crore in the last fiscal.
“We have been growing at 70 to 80 percent for last three to four years,” he said.
MAGFIL, which started as a small shop in Valapad near Thrissur in Kerala in 1949, plans to expand its business to five more states this fiscal.
It plans to open 400 more branches across the country, including 50 branches in five states of Chhattisgarh, Uttaranchal, Jammu and Kashmir, Bihar and Madhya Pradesh.
MAGFIL at present has 1,100 branches in 15 states. It has a customer base of over 550,000.
According to Nandakumar, Indians together own 20,000 tonnes of gold and the total size of mortgaged gold is 1,500 tonnes. MAGFIL is managing over 24 tonnes of mortgaged gold assets.