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

10Feb

By Nikita DhyaniNo Comments

Business, Finance

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. 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 landma...

Govt must keep an eye on the fiscal deficit – FM Nirmala Sitharama

Addressing a virtual event of industry body PHDCCI Sitharaman said careful monitoring and tackling of fiscal deficit was the “mool mantra” of the budget 2021. The Centre's fiscal deficit increased, as it was forced to offer relief packages in the wake of the epidemic, despite a decline in revenue collection. Even though nominal GDP is expected to reverse a contraction in the FY22 and expand at 14.9%, the inevitability of continued spending to continue growth has led the Center to keep the fiscal deficit target elevated at 6.8% for the next fiscal as well. She said that the government has managed to make the Budget transparent. "There is nothing under wraps or swept under the carpet. Whatever the government is borrowing or spending is open for everyone to see," she emphasized. ...

Government to enact with RBI to execute bank privatization plan announced in the union budget 2021

Finance minister Nirmala Sitaraman announced that under the RBI govt to execute bank privatization. Sitharaman in the union budget presented last week has declared the privatization of two banks as a feature of its privation plan but Bank associations have restricted the move. However, she declined to comment on any specific details about which candidate will be selected for privatization and said that we will inform you when the government is ready to notify. “Talking to reporters in financial capital, Sitharaman also declared that the government has no plans to form a bank investment company for the government's investment in the bank and the government will work with the Reserve Bank for the execution of the bank privatization plan announced in the budget” On the bad bank,...