GTF targets Rs 5,000 cr turnover
Riding on the back of a 100 per cent year on year growth in assets, leading export-import factoring company, Global Trade Finance Ltd (GTF), expects to disburse loans of Rs 5,000 crore in the current fiscal as against Rs 2,805.7 crore in 2005-06.
By PTI |
MUMBAI: Riding on the back of a 100 per cent year on year growth in assets, leading export-import factoring company, Global Trade Finance Ltd (GTF), expects to disburse loans of Rs 5,000 crore in the current fiscal as against Rs 2,805.7 crore in 2005-06.
A joint venture between the Exim Bank of India, FIM Bank (Malta), IFC (Washington) and Bank of Maharashtra, GTF in July crossed the Rs 1,000 crore mark in factored assets with nil non-performing assets on the balance sheet.
"With growth in the economy, the appetite for credit is high and our factored assets at the end of July, 2006, stood at Rs 1,026 crore," GTF Managing Director and CEO, Arvind Sonmale told PTI here.
The company, in the first quarter of FY 07 had posted a 118 per cent jump in net profits at Rs 13.33 crore and expects to shore up its bottomline by 60 per cent in the current fiscal.
"About 70 per cent of our clients are small and medium enterprises (SMEs) and we provide them hassle-free finance with a faster turnaround time and back finance with service support," Sonmale said.
Notably, GTF remains the market leader in export finance with a 70 per cent share while the remaining is divided between SBI Factors, Can Bank, Foremost Factors and the factoring divisions of foreign banks. The Export Credit Guarantee Corporation (ECGC) too has announced its intention to enter into full-fledged factoring.
"The space is huge and we are able to address only a fraction of export factoring needs. Competition will help spread awareness about the products," he said.
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