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Gold loan lender Muthoot Finance Ltd has registered a 22 per cent increase in its net profit in Q4 of FY21 at ₹996 crore against ₹815 crore in the corresponding period of the previous year. The net profit for the whole year went up to ₹3,722 crore against ₹3,018 crore, an increase of 23 per cent.
Gold loan assets up by ₹2304 crore
Loan assets stood at ₹52,622 crore as on March 31, 2021 against ₹41,611 crore as on March 31, 2020, a growth of 26 per cent. During the quarter, gold loan assets increased by ₹2,304 crore.
Muthoot Homefin (India) Ltd achieved a net profit of ₹13 crore in FY21 as against previous year’s profit of ₹32 crore. Belstar Microfinance Ltd achieved a PAT tax of ₹47 crore in FY21 against previous year’s figure of ₹99 crore. Muthoot Insurance Brokers Pvt Ltd generated a PAT of ₹32 crore in FY21 against ₹11 crore in the previous year. The Sri Lankan subsidiary - Asia Asset Finance PLC. (AAF) — generated a PAT of LKR 5 crore in FY21 as against previous year profit after tax of LKR 7 crore. Muthoot Money Ltd generated a PAT of ₹4 crore in FY21 as against ₹3 crore in the previous year.
George Jacob Muthoot, one of the promoters of the company was unanimously appointed as the Chairperson of the Board of Directors, a position left behind by Late MG George Muthoot due to his demise. He is the younger brother of the late MG George Muthoot .
On the results, George Alexander Muthoot, Managing Director said, “We are glad to announce that consolidated loan assets of the Group grew by 24 per cent at ₹58,280 crore during FY21 as against last year of ₹46,871 crore. Consolidated PAT increased by 21 per cent at ₹3,819 crore during FY21 as against last year of ₹3,169 crore. During the quarter, gold loan portfolio of Muthoot Finance increased by ₹2,304 crore to ₹51,927 crore. Standalone profit of Muthoot Finance for the year ended March 31, 2021 increased by 23 per cent at ₹3,722 crore. During the quarter, we disbursed fresh loans to 3.61 lakh new customers amounting to ₹2,753 crore and to 4.32lakh inactive customers amounting to ₹2,917 crore.”
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