Fullerton India Credit Company Limited today announced their un-audited results for the third quarter ended December 31, 2013.
The company reported a strong Q3FY2014 financial performance with a Profit After Tax (PAT) of Rs. 48 Crores, recording a 47% growth over the same period last year. Revenues from the business touched Rs.362 Crores, representing an 18% growth over the same quarter last year. Assets under management grew by 29% to Rs.5908 Crores during this period compared to same period last year.
Q3 FY14 saw a significant increase in loan disbursals to Rs.1195 Crores compared to Rs.955 Crores last year during the same period. Growth was driven primarily through expansion in the rural business and in secured products. Rural business represented 31% and secured loans in the urban business constituted 37% of the total disbursals in the quarter.
The company is well capitalised with a Capital Adequacy Ratio of 21.98%. Fullerton India has over 5900 employees and nearly 50% of the workforce is dedicated to serving the rural business with a strong network of 370 branches.
Commenting on the results, Shantanu Mitra, CEO & MD said, “Fullerton India has had yet another strong quarter exhibiting robust performance amidst a challenging economic environment. The quality of our assets continue to be healthy and we remain on strategy to grow secured assets.
We expect healthy portfolio growth from overall productivity improvements and branch expansion mainly concentrated in the rural areas. We will continue to invest significantly in our network infrastructure and aim to deliver high quality service to our customers.”
Fullerton India’s customer base of nearly a million customers are spread across large towns and cities as well as rural markets, range from MSMEs to salaried and self-employed individuals to rural households. 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. Operating its rural financial services business under the Gramshakti brand, Fullerton India has expanded its presence to 7 states with 150 Gramshakti rural branches, covering over 30,000 small towns and villages.
Fullerton India’s business model has been recognised in various forums and has won several accolades including a gold award for ‘Last Mile Distribution & Channel Development Initiative of the Year' at the RMAI Flame Awards 2014, 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 previous quarter, the company conducted over 230 programs benefitting more than 6500 rural households providing livelihood opportunities. .
Fullerton India Credit Company Limited is a wholly owned subsidiary of Fullerton Financial Holdings, Singapore, which is a subsidiary of Temasek Holdings of Singapore
