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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 .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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