Muthoot Capital Services Ltd. said it's confident of meeting the bad loan guidance for the financial year ending March 2019.
“Our gross non-performing assets stood at 5.6 percent of the overall book. We have committed to bringing that down to 5 percent by this year-end,” Chief Financial Officer Vinod Panicker told BloombergQuint. The non-banking financial company's gross bad loans deteriorated to 5.6 percent in the September quarter from 5.3 percent in the quarter-ended March.
The ratio of net bad loans is expected to drop to 3 percent by the year-end, from the current 3.5 percent, Panicker added
Earnings highlights:
- Profit jumped 94 percent year-on-year to Rs 20.13 crore.
- Revenue from operations rose 39 percent to Rs 131.8 crore.
- Other income rose to Rs 21 crore from Rs 8 crore.
- Provisions stood at Rs 13.8 crore compared with Rs 11.8 crore in the previous quarter.
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