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Muthoot Finance net profit rises 7.6%, stock up 5%

Muthoot Finance, whose main business is lending against gold as collateral, announced a 10.4% increase in its income from operations to Rs 1,354 crore in the December 2012 quarter, compared to a year ago.

The company’s lending costs were in check during the quarter, rising by 9.9%. But operational costs rose significantly higher than revenues did, rising by 19.8%, partly attributable to expansion and also perhaps due to provisioning for bad loans.

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