Muthoot Finance on Wednesday, February 26, informed the stock exchanges that it has received permission from the Reserve Bank of India to open 115 new branches.

It is to inform the central bank of the details of the new branches. The RBI also advised Muthoot Finance to ensure suitable arrangements for security and for storage of gold jewellery, including safe deposit vault.

The company reported a 32.7% increase in net profit to ₹1,363 crore for the December quarter against ₹1,027.3 crore. The company’s net interest income surged 42.8% to ₹2,721.4 crore, compated to ₹1,905.7 crore in the previous fiscal.

The gold loan-focused NBFC also delivered a better-than-expected performance as it surpassed analyst estimates.

A CNBC-TV18 poll had projected net profit at ₹1,311.1 crore and NII at ₹2,586.7 crore, both of which the company exceeded.

Muthoot Finance shares ended 0.5% lower at 2,177.55 apiece on Tuesday, February 26. The stock has gained 12.46% in the last six months.