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

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