Tag: Muthoot Finance net profit

Muthoot Finance logs 8% increase in net profit to Rs 1002.9 crore

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The finance company, which also operates home loan, micro-finance and insurance broking subsidiaries, said net profit of the gold loan division increased 11 % YoY to Rs 994 crore ,and the share in the consolidated profit stands at 99%.

NBFC Muthoot Finance on Thursday reported a 8% year-on-year (y-o-y) increase in its second quarter consolidated net profit to Rs 1002.9 crore, mainly driven by good performance of the gold loan division.

The Kerala-based lender had reported a consolidated net profit of Rs 930.7 crore in the year-ago period and a net profit of Rs 978.6 crore in the preceding first quarter..

The finance company, which also operates home loan, micro-finance and insurance broking subsidiaries, said net profit of the gold loan division increased 11 % YoY to Rs 994 crore ,and the share in the consolidated profit stands at 99%.

Consolidated loan assets under management of Muthoot increased 5% on a sequential basis to Rs 60,919 crore.

MD George Alexander Muthoot said, “The demand environment remains strong and as we enter the festive season we remain optimistic about growth momentum in gold loan over the second half of FY22. We are optimistic about growing our gold loan book further and maintain 15% growth guidance for FY22. We are witnessing improved collections across micro finance, vehicle finance and home loans. In the last quarter we had consciously decided to go slow on non-gold lending business, we continue to remain conscious and monitor the space for emerging opportunities. We will continue to follow the strategy of balanced growth while maintaining overall asset quality.”

Loan assets of the gold loan division for the quarter stands at Rs55102 crore compared to Rs 5,2394 crore in the comparable quarter of the previous year, which is 5% y-o-y growth.

Average gold loan per branch has increased by 18% YoY to Rs 11.84 crore. Total weight of gold pledged with the company stands at 178 tonne at the end of the second quarter as against 163 tonne in the corresponding period of last fiscal year. Average loan ticket size has increased by 2 % YoY to touch Rs 62,054 as against Rs 60,642 in the year-ago period. Number of loan accounts of the NBFC has also increased 88 lakh, an increase of 16 % YoY.

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Muthoot Finance posts 16% rise in Q1 net profit at Rs 971 cr

Banking & Finance

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Gold loan lender Muthoot Finance has posted a 16 per cent increase in its standalone profit at Rs 971 crore for Q1 of FY21, against Rs 841 crore in the corresponding period of the previous fiscal.

Consolidated PAT of the group also achieved a 14 per cent rise at Rs 979 crore against last year’s Rs 858 crore.

The loan assets of the standalone entity stood at Rs 52,614 crore compared to Rs 41,296 crore in the previous year, a growth of 27 per cent. During the quarter, the gold loan assets increased by Rs 142 crore. Consolidated loan assets under management increased by 25 per cent at Rs 58,135 crore.

George Alexander Muthoot, Managing Director said, “we consciously decided to go slow in terms of non-gold lending business on account of continued uncertainty and emerging uncertain credit behaviour. We are redrawing our strategies in terms of non-gold lending business and we are confident of emerging stronger as the environment improves. On the gold loan front, we are targeting 15 per cent growth in the remaining three quarters”.

George Jacob Muthoot, Chairman, stated, “As the second wave of pandemic hit the country in the first quarter, amidst selective lockdowns at the state and local level, we took all efforts to open our branches and maintain our services to the extent possible. Thanks to all our 25,000+ workforce, we were able to maintain our consolidated loan AUM on a QoQ basis in spite of the tough environment. However, compared to last year, loan assets grew by 25 per cent at Rs 58,135 crore”.

Muthoot Homefin (India) Ltd achieved a PAT of Rs 0.48 crore in Q1 FY22 against Rs 0.41crore in the previous year. Belstar Microfinance achieved a PAT of Rs 2 crore as against a profit after tax of Rs 15 crore in the previous year. Muthoot Insurance Brokers Pvt Limited generated a profit after tax of Rs 4.31 crore as against Rs 4.16 crore in the previous year.

The Sri Lankan subsidiary – Asia Asset Finance PLC – generated a PAT of LKR. 0.97 crore as against the previous year’s loss of LKR 1.69 crore. Muthoot Money Ltd incurred a loss of Rs 0.11 crore against the previous year’s loss of Rs 2.47 crore

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