Friday, September 17

Muthoot Finance Q3 net rises 17% year over year on vigorous Gold Loan Portfolio Growth

Muthoot Finance on Tuesday reported a consolidated net profit of Rs 1,006.6 crore in the third quarter.

Muthoot Finance on Tuesday reported a consolidated net profit of Rs 1,006.6 crore in the third quarter.
Muthoot Finance on Tuesday reported a consolidated net profit of Rs 1,006.6 crore in the third quarter.

NBFC Muthoot Finance on Tuesday reported a 17% year-on-year increase in its third-quarter consolidated net profits to Rs 1006.6 crore with its gold loan portfolio growing vigorously.

The financial organization, which likewise operates loan, microfinance, and protection broking auxiliaries, said the net benefit of the gold loan division, Muthoot Finance (MFIN), expanded 22 % YoY to meet Rs 991 crore.

Managing director George Alexander Muthoot said, “We had an interesting third quarter with several achievements. Our standalone loan assets of Muthoot Finance have crossed the landmark of Rs 50,000 crore. Our active customers presently having a loan account too crossed the landmark of 50 lakh. We have achieved 22% growth in the gold loan portfolio during the nine months of the current year and likely to end the year with at least 25% growth as against the previous year’s growth of 22%.

During the quarter, the gold loan portfolio of Muthoot Finance expanded by Rs 3,389 crore to Rs 49,622 crore, quarter-to-quarter growth of 7%. Our disbursements for the quarter were focused on new customer additions, fresh loans to active and inactive customers, and top-up loans to existing customers. We payout fresh loans to 3.88 lakh new customers amounting to Rs 2,976 crore and 4.38 lakh inactive customers amounting to Rs 2,960 crore,” he added.

The subsidiaries took a cautious approach to lend. The subsidiaries’ share is 10% of the consolidated debt portfolio.

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