Muthoot Finance profit drops 21% on loan growth stagnation

Report: German finance minister insists there will be no 2nd debt writedown for Greece

Total income declined to Rs 1,285.79 crore during the quarter from Rs 1,293.78 crore a year ago. The year-on-year decline in profits during the quarter was on account of stagnation in loan growth and lower yield on liquidated loan accounts, Managing Director George Alexander Muthoot said in a statement. Reuters Expenses were high on account of lenders continuing higher level of interest and administrative expenses going up with the addition of branches in the past one year, he said. The companys retail loan assets under management stood at Rs 25,848 crore as of June 30. Muthoot Finance, the Kochi-based gold financing and non-deposit taking NBFC (Non-Banking Finance Company), said it has applied to the Reserve Bank for a banking licence.

Reuters

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Steven Mufson Agency agreed to not pursue charges beyond a misdemeanor in return for cooperation. But investors on Friday shrugged off the settlement. More business news Schaeuble was quoted as saying its certain, however, that there will be no second debt writedown for Athens. Extracts of the interview, to be published Sunday, were released by the paper Saturday and confirmed by the Finance Ministry. With Germanys general election two months away, Chancellor Angela Merkels conservative government has been at pains to appear firm on Greeces international bailout, which is unpopular with many Germans. Last year Greeces debt was restructured with private-sector bondholders.

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