Fullerton India Registers Three Times Growth in Net Profit

MUMBAI, June 19, 2013 /PRNewswire/ --

Fullerton India Credit Company Limited registered a profit after tax of Rs. 151.67 Crores in 2012-13, a three times growth in its net profit over the last financial year. The company also grew its assets under management by 22% while its disbursals went up by 20% over last year.

Commenting on the results, Shantanu Mitra, CEO & MD, Fullerton India said, "The year 2012-13 has been a year of excellent performance for Fullerton India. We added 36 more branches in 2012-13, taking our network strength to 361 branches, which service over 380 towns and cities and over 13000 villages. We leveraged this widespread presence in distinct geographical markets to grow our loan assets at a healthy rate. The markets we are present in offer tremendous potential across all our target segments that will help us achieve our aggressive asset growth plan. We continue to invest in good growth. Over the last year, we have invested in people, analytics and in technology that enable us to compete more effectively and deliver solutions to our customers more efficiently with improved customer experience.  We plan to invest further in expanding our branch network, especially in under-served and under-banked rural geographies and expect to add about 30 new branches this year. We will continue to invest in our infrastructure and in delivering high-quality services to our customers. We supplemented our Tier 1 capital by a fresh infusion of Rs. 150 Crores, and raised Rs.200 Crores in Tier 2, to enable future growth."

Fullerton India's customer base of nearly one million, ranges from SMEs and small transporters to the salaried and self-employed in large towns and cities to micro enterprises in rural markets. Fullerton India has a wide presence in the Tier 3 & 4 towns across 21 states. Its products now include mortgage loans, SME and business loans, commercial vehicle and two-wheeler loans, personal loans, rural livelihood loans, rural mortgage and housing finance. Fullerton India's rural business, which operates under the Gramshakti brand, increased its presence in the rural markets to 123 branches covering more than 170 towns and over 13,000 villages. The company also markets a range of insurance products of leading insurers to its customers.

With its expanding network and larger range of products, it expects higher growth in assets in the near term. Fullerton India is adequately capitalised with capital adequacy at 24.7%, against a growing book that stands at Rs. 4823 Crores - a growth of 22% over the last financial year.

Fullerton India's CSR programme that focuses on rural livelihood advancement initiatives has made a tremendous impact in the rural catchments it serves. Last year alone the company conducted over 700 programs benefitting more than 31,350 rural households. In February'13, the company was awarded the World CSR Award for Best Community Development Programme for its Livelihood advancement initiatives.

About Fullerton India

Fullerton India Credit Company Limited is a wholly-owned subsidiary of Fullerton Financial Holdings, Singapore, which is a subsidiary of Temasek Holdings of Singapore. For further information, visit www.fullertonindia.com

Primary Media Contact: Shreya Jha - VP Marketing & CSR, Fullerton India, [email protected]

Secondary Media Contact: Manoj Sharma, 91-9811135420