Gold loan lender Muthoot Finance Ltd has posted a 4 per cent rise in its net profit at ₹1,029 crore in Q3 of FY22 against ₹991 crore in the corresponding period of the previous fiscal.

Loan assets in Q3 stood at ₹54,688 crore as compared to ₹50,391 crore last year, registering a growth of 9 per cent.

The registered net profit for nine months witnessed a 10 per cent rise at ₹2,944 crore against ₹2726 crore in FY21. Consolidated PAT for nine months FY22 grew 8 per cent to ₹3,025 crore as against ₹2,795 crore.

George Jacob Muthoot, Chairman stated, “Despite Covid situation, our company was able to maintain the consolidated AUM at ₹60,896 crore, focusing more on loan recovery. Now with the decline in the Covid positivity rates, the overall recovery in economic activity seems optimistic. Hence with the economic growth gradually picking up and consumers realising that gold loans are all-weather loans, we remain optimistic about growth in gold loans.

George Alexander Muthoot, Managing Directorsaid, “the quarter witnessed a 22 per cent increase in disbursements and a 38 per cent increase in recoveries in gold loans. We disbursed fresh loans to 3.81lakh new customers amounting to ₹4,007 crore and to 4.98 lakh inactive customers amounting to ₹4,426 crore. As regards our subsidiary, we continue to maintain a cautious stance. The collections across microfinance, vehicle finance, and home loans have improved. Our subsidiaries in microfinance and in Srilanka registered a growth in their loan portfolios.

Muthoot Homefin (India) Ltd achieved a PAT of ₹2 crore in Q3 FY22.Belstar Microfinance Limited posted PAT of ₹12 crore in Q3 FY22. Muthoot Insurance Brokers achieved a PAT of ₹8 crore in Q3 FY22. Asia Asset Finance PLC (AAF), a subsidiary based in Sri Lanka achieved a PAT of LKR 4 crore. Muthoot Money Ltd posted a total revenue of ₹10 crore in Q3.