Muthoot Finance profit up 13 % to touch Rs 1,004 crore

KOCHI: Muthoot Finance Ltd's net profit rose 13 % to touch Rs 1,004 crore for the year ended March 31, 2013, prompting its board to recommended a dividend of 45%.

While total income for the year grew 18% to Rs 5,387 crore, profit before tax increased 14% to Rs 1,511 crore.

Though the year was marked by regulatory changes and market speculations, the company could achieve a portfolio growth of 7%, MG George Muthoot, chairman, pointed out.

Muthoot Finance has 4,249 branches as of now. Another 300 more branches will be added this year. The gold loan outstanding stood at Rs 26,000 crore at the end of 2012-13. The total weight of jewellery pledged stood at 134 tonnes.