Fullerton India Credit Company Limited reported a strong half-yearly financial performance with a Profit After Tax (PAT) of Rs 88.3 Crores for the six month period ended September 30, 2013 (unaudited), recording a 55% growth in its net profit over the six month period ended September 30, 2012.
The Company’s revenues as on September 30, 2013 was Rs 655 Crores as against Rs 563 Crores for the half year ended September 30, 2012, 16% higher than that in the corresponding period of the previous year. Assets under management grew by 28% to Rs. 5,600 crores during this period. The asset quality continues to be healthy and reflects the strong risk management practices adopted by the Company.
Commenting on the results, Shantanu Mitra, CEO & MD said, “I am pleased to share our financial results for the first half of fiscal 2014, which demonstrate continuing strong and stable performance, notwithstanding uneven market conditions. Our portfolio quality remains healthy, we remain strong on liquidity and our business momentum continues to be robust.
We now have nearly a million customers that avail of our products and services, through our 368 branches, that covers over 400 towns and 23000 villages. We have added 24 new branches in our rural network in the first half of FY 2013-14 and plan to add another 30 branches in the second half. At a capital adequacy ratio of 22.47%, we are more than adequately capitalised and we will continue to invest in our network, infrastructure and in delivering high-quality services to our customers.”
Fullerton India’s customers, spread across large towns and cities as well as rural markets, range from MSMEs to salaried and self-employed individuals. Fullerton India has a wide presence in the Tier 3 & 4 towns across 20 states. Its products include Mortgage loans, SME and Business loans, Commercial Vehicle and Two-wheeler loans, Personal loans, Rural Livelihood loans, Rural Mortgage and Housing Finance.
Fullerton India’s investment and commitment in infrastructure has been recognised in various forums and has won several accolades including the Financial Inclusion and Payment System Award (Oct ’13) for its innovative handheld biometric device and InformationWeek’s Edge Award (Oct ’13) for Cloud Computing. A socially responsible organisation, Fullerton India has a robust CSR programme that focuses on rural livelihood advancement initiatives has made a tremendous impact in the catchments it serves. In the first half of FY 13-14, the company conducted over 500 programs benefitting more than 16,900 rural households. The company has also won several awards for Best Community Development Programme for its Livelihood advancement initiatives, including Asia’s Best CSR Practices (Aug ’13) and Asian Sustainability Leadership Award (Sept ’13).
Fullerton India Credit Company Limited is a wholly owned subsidiary of Fullerton Financial Holdings, Singapore, which is a subsidiary of Temasek Holdings of Singapore
The Company’s revenues as on September 30, 2013 was Rs 655 Crores as against Rs 563 Crores for the half year ended September 30, 2012, 16% higher than that in the corresponding period of the previous year. Assets under management grew by 28% to Rs. 5,600 crores during this period. The asset quality continues to be healthy and reflects the strong risk management practices adopted by the Company.
Commenting on the results, Shantanu Mitra, CEO & MD said, “I am pleased to share our financial results for the first half of fiscal 2014, which demonstrate continuing strong and stable performance, notwithstanding uneven market conditions. Our portfolio quality remains healthy, we remain strong on liquidity and our business momentum continues to be robust.
We now have nearly a million customers that avail of our products and services, through our 368 branches, that covers over 400 towns and 23000 villages. We have added 24 new branches in our rural network in the first half of FY 2013-14 and plan to add another 30 branches in the second half. At a capital adequacy ratio of 22.47%, we are more than adequately capitalised and we will continue to invest in our network, infrastructure and in delivering high-quality services to our customers.”
Fullerton India’s customers, spread across large towns and cities as well as rural markets, range from MSMEs to salaried and self-employed individuals. Fullerton India has a wide presence in the Tier 3 & 4 towns across 20 states. Its products include Mortgage loans, SME and Business loans, Commercial Vehicle and Two-wheeler loans, Personal loans, Rural Livelihood loans, Rural Mortgage and Housing Finance.
Fullerton India’s investment and commitment in infrastructure has been recognised in various forums and has won several accolades including the Financial Inclusion and Payment System Award (Oct ’13) for its innovative handheld biometric device and InformationWeek’s Edge Award (Oct ’13) for Cloud Computing. A socially responsible organisation, Fullerton India has a robust CSR programme that focuses on rural livelihood advancement initiatives has made a tremendous impact in the catchments it serves. In the first half of FY 13-14, the company conducted over 500 programs benefitting more than 16,900 rural households. The company has also won several awards for Best Community Development Programme for its Livelihood advancement initiatives, including Asia’s Best CSR Practices (Aug ’13) and Asian Sustainability Leadership Award (Sept ’13).
Fullerton India Credit Company Limited is a wholly owned subsidiary of Fullerton Financial Holdings, Singapore, which is a subsidiary of Temasek Holdings of Singapore
