Fullerton India H1 net profit Rs 57 cr

MUMBAI: Fullerton India reported profit after tax of Rs 56.9 crore for the six month period ended September 30, 2012 against Rs.5.95 crore.

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 went up 20% to Rs 563 crore as against Rs 468 crore. Assets under management grew by 27% to Rs 4,365 crore during this period.

Fullerton India wants to bring down its share of unsecured lending to 35% from the preset 65% over the coming years. "We would like our share of secured loans to be 65% which is at present 35% for which we are focusing more on rural mortgage business," said Shantanu Mitra Managing Director and CEO of the company.

It has a diversified its portfolio to mortgage loans, SME and business loans, commercial vehicle loans, two-wheeler loans and personal loans. The company is rapidly increasing it mortgage-backed lending to the SME segment and has innovated differentiated product offerings to address various business needs of this segment.

Said Shantanu Mitra,, "We have posted a strong performance in the first half of the year and expect to continue this growth over the remainder of the financial year.

With the recent infusion of additional capital and Tier 2 capital, its capital adequacy ratio has gone up to 21.59%. The company added 30 new branches in the last six months.