Gold loan lender Muthoot Finance has registered a net profit of ₹902 crore in Q3 of FY23 against ₹867 crore in the preceding quarter of the same fiscal (Q2FY23).
Loan assets stood at ₹57,731crore compared with ₹54,688crore in the same quarter last year, registering a growth of six per cent.
The consolidated Loan Assets Under Management grew 7 per cent YoY to ₹65,085 crore in Q3FY23 against ₹60,896 crore in the same quarter last year. Consolidated PAT increased by 4 per cent QoQ to ₹934 crore against ₹902 crore in the last quarter.
George Jacob Muthoot, Chairman, Muthoot Group, said, “It is to be noted that despite the challenges, efforts by NBFC sector has increased the visibility of the gold loans as a safe lending product. We are hopeful that our expertise in the product will help us capitalise on this positively in the coming quarters”.
George Alexander Muthoot, Managing Director,said “borrowing cost slightly rose to 8.13 per cent due to the impact of general increase in the interest rates with banks’ MCLR being constantly revised and fresh NCDs being raised at higher rates. Our continued focus on loan disbursements, recovery efforts and keeping our borrowing costs under check could enable us to maintain our NIMs in the range of 11-12 per cent . Return on assets for the quarter improved to 6.27 per cent.”