MAGFIL to double net Profit

Feb. 18, 2011 - PRLog -- Manappuram General Finance and Leasing ( MAGFIL) expects to more than double its net profit in 2010-11 to Rs 280 crore, from Rs 120 crore last year. This growth comes from greater demand for gold loan products, aggressive branch expansion and negligible default rates.

"Privately held gold is estimated at 18,000-20,000 tonnes which roughly translate to Rs 75 lac crore. Organized players like commercial banks, co-operative institutions and non-banking lenders account for only 10% of the gold loan portfolio. Pawnbrokers hold the rest. We are leveraging on this opportunity to bring gold to the mainstream and unlock more value," V P Nandakumar, chairman of Manappuram group of companies said. The company has Rs 6,500 crore of assets under management currently.

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