Muthoot Finance profit drops 21% on loan growth stagnation

Reuters

Reuters Expenses were high on account of lenders continuing higher level of interest and administrative expenses going up with the addition of branches in the past one year, he said. The companys retail loan assets under management stood at Rs 25,848 crore as of June 30. Muthoot Finance, the Kochi-based gold financing and non-deposit taking NBFC (Non-Banking Finance Company), said it has applied to the Reserve Bank for a banking licence. Considering our network in rural and semi-urban areas and experience gained in these areasWe are ideally looking at going for next stage of growth through banking model which has its own advantages and disadvantageswe look at strongly presenting our case before the regulators, Muthoot said.

German Finance Minister rejects second writedown of Greek debt

Jan Kregel and Leonardo Burlamaqui have examined how as the financial sector has grown larger, the U.S. has ceased to be a center for developing new knowledge. Finance is no longer playing the role of the handmaiden of creative destruction that allows industry to produce technological advance and economic development. Kregel and Burlamaqui also observe that the financial services industry has special features which create economic instability in a variety of ways, for example, using things like derivatives packages to shift risk from financial firms onto those less able to bear that risk.

Wolfgang Schaeuble told weekly Bild am Sonntag in an interview that Greece would continue to receive support beyond 2014 if needed and provided the country meets the demands of international creditors. Schaeuble was quoted as saying “it’s certain, however, that there will be no second debt writedown for Athens.” Extracts of the interview, to be published Sunday, July 28, were released by the paper Saturday and confirmed by the Finance Ministry. With Germany’s general election two months away, Chancellor Angela Merkel’s conservative government has been at pains to appear firm on Greece’s international bailout, which is unpopular with many Germans. Last year Greece’s debt was restructured with private-sector bondholders.

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