The company on Thursday reported nearly doubling of standalone net profit in the third quarter at Rs 2656 crore from year-ago period’s Rs 1363 crore, backed by 47% lower provisions at Rs 111 crore.
Its total income rose 64% year-on-year at Rs 7263 crore. Assets under management were at Rs 1.48 lakh crore, showing a 51% year-on-year growth. Gold loans stood at Rs 1.40 lakh crore.
The company said it would open 150-200 branches next year, about 50 more than what it planned for this year.
“More than the number, the Reserve Bank of India’s decision to remove the need for taking prior approval for branch expansion for lenders with more than 1000 branches is a confidence booster. It’s a message that the regulator is happy to promote gold loan business,” the MD said.
On a consolidated basis, net profit was at Rs 2824 crore for the third quarter against Rs 1392 crore. Belstar Microfinance, its 62% subsidiary, booked a net profit of Rs 51 crore against Rs 2.4 crore in the year ago. It made losses in the first two quarters of the fiscal.