Manappuram Finance ends family-led era
Kolkata: Gold loan company Manappuram Finance on Tuesday announced a leadership change, effectively transforming it from a family-run business to a professional-led model following Bain
Kolkata: Gold loan company Manappuram Finance on Tuesday announced a leadership change, effectively transforming it from a family-run business to a professional-led model following Bain Capital taking up joint control.VP Nandakumar, who has been spearheading the company as managing director since way back in 1992 when it was incorporated, will step down from executive role and become a non-executive chairman from January 1, 2027.The Kerala-based lender has appointed Ashish Singh as the MD and CEO from next year. Singh will be appointed for five years, subject to the approval of the shareholders, the company said.Singh, a banker with 25 years of experience in the retail space, has been with IDFC First Bank as head of retail liabilities.Private equity major Bain Capital received Reserve Bank of India's approval in February this year to acquire up to 41.6% in Manappuram, following the initial agreement signed in March 2025Separately, the non-bank gold loan lender reported an over four-fold jump in first quarter consolidated net profit at Rs 585 crore as compared with Rs 133 crore in the year ago period. The assets under management grew by 57 year-on-year to Rs 69,635 crore during the quarter.The the company’s gold loan AUM reached Rs 57,006 crore, registering 98% surge, even as Nandakumar said that "volatility in gold prices was a serious concern that affected overall business sentiment".The company proposed an interim dividend of Rs one per equity share of face value of Rs 2/- each.The non-banking finance company's income from operations stood 34% higher at Rs 3,033 crore while net interest income rose 25% at Rs 1,759 crore.
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