Future Capital Holdings Q1 net up 65 per cent

MUMBAI: Future Capital Holdings on Wednesday reported a 65 per cent growth in net profits to Rs 21.8 crore in the quarter ended June 30, 2011, compared to the same period last fiscal, mainly driven by higher net interest income and fee income.

"The results reflect the strong fundamentals of the company and improved asset quality. We are confident of improved earnings going forward on the back of strong growth in all our businesses," Future Capital Vice Chairman and Managing Director V Vaidyanathan said in a release.

The company posted a 126 per cent jump in its net interest income to Rs 50.93 crore in the quarter ended June 30, from Rs 22.58 crore last year, it added.

Future Capital's advances grew 81 per cent to Rs 3,440.6 crore from Rs 1,904.4 crore last year.

The company concluded the merger of its subsidiary Future Capital Financial Services with itself and exited a Joint Venture with Centrum Capital recently.

The networth of the company grew to Rs 769 crore from Rs 694 crore for June 30, 2010.

The company offers mortgage loans, gold loans, auto loans and consumer durable loans and is in the process of launching new products in the consumer finance segments.