Manappuram Finance Ltd.

Gold loan business in Gujarat is picking up pace making more and more companies to increase their presence in the state. Kerala-based leading gold loan provider, Manappuram Finance Limited is expanding its branch network in Gujarat from current 70 branches across the state to about 100 by end of fiscal 2012. Western region, including Gujarat and Maharashtra contributes about 7 per cent to the company's total gold loan portfolio, while largest share comes from southern market, about 74 per cent. The acceptability of gold loan is rising in Gujarat. Gujarat's share to the total loan portfolio of the company has been meagre at about 2 per cent, which is expected to rise to 5 per cent in some time. Manappuram witnessed a 120 per cent rise in its gold loan disbursements during the quarter ended June 2011 at Rs 6,858 crore from Rs 3,111 crore registered in the quarter ended June 2010.