Home BusinessFinance Muthoot Finance Q3 net rises 17% yoy on robust gold loan portfolio growth

Muthoot Finance Q3 net rises 17% yoy on robust gold loan portfolio growth

Financial Express - Business News, Stock Market News

Muthoot FinanceMuthoot 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 robustly.

The Kerala-based lender said its consolidated loan assets under management (AUM) increased 28 % year on year to touch Rs55,800 crore during the quarter.

The finance company, which also operates home loan, microfinance and insurance broking subsidiaries, said net profit of the gold loan division, Muthoot Finance (MFIN), increased 22 % YoY to touch Rs 991 crore.

Managing director George Alexander Muthoot said, “We had a remarkable 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 also crossed the landmark of 50 lakh. We have achieved 22% growth in gold loan portfolio during the nine months of the current year and likely to end the year with at least 25% growth as against previous year growth of 22%.”

“During the quarter, gold loan portfolio of Muthoot Finance increased 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 disbursed fresh loans to 3.88 lakh new customers amounting to Rs 2,976 crore and to 4.38 lakh inactive customers amounting to Rs 2,960 crore,” he added.

Subsidiaries followed a cautious approach towards lending. Share of the subsidiaries constitutes 10% of the consolidated loan portfolio.

This article is auto-generated by Algorithm Source: www.financialexpress.com

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