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Muthoot Finance Aims at 7k Crore Worth Biz Transactions

Wednesday, October 31, 2012
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Chennai: Kerala based Muthoot Finance said it hoped to double its business transactions to Rs.7,000 crore in value terms by the end of this fiscal.

The company made transactions valued at about Rs.3,500 crore in 2011-12, Muthoot Group Executive Director George M George said.

“We are definitely looking at doubling our transactions to about 40 lakh this financial year. That will be about Rs.7,000 crore (in value terms). Last year we did about 20 lakh transactions across all our branches (for about Rs.3,500 crore)” he said.

Muthoot Finance offers gold loans to customers and has about 4,000 branches across the country.

Referring to the company’s assets under management, he said it was hoping to reach about Rs.24,000 crore soon.

“We are now bouncing back. On the long run we are looking at about 15 per cent growth year-on-year”, he said.

George was here to announce a scheme which offers assured gift to customers for money transfer during the festive season.

The company has tie-up with several international agents including Western Union, Xpress Money, MoneyGram, Royal money transfer, Ezremit, Instant Cash and Transfast.

“Currently we make about two million money transfers, this year we aim to double the figures”, he said.


Source: PTI
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