Money & Banking

Muthoot Finance posts 22% rise in Q3 net profit

Our Bureau. Kochi | Updated on February 10, 2021

George Alexander Muthoot, Managing Director, Muthoot Finance

Gold loan lender Muthoot Finance Ltd has posted a 22 per cent rise in net profit at ₹991 crore in Q3 of FY21 against ₹851 crore in the corresponding period of the previous fiscal.

The consolidated profit of the group registered 17 per cent increase at ₹1,007 crore in Q3 against ₹861 crore in the corresponding period of the previous fiscal.

Consolidated loan AUM touched ₹55,800 crore against last year’s ₹43,436 crore for nine months in FY21. Loan assets stood at ₹50,391 crore as on December 31, 2020, against ₹38,948 crore as on December 31, 2019. During the quarter, gold loan assets increased by ₹3,389 crore.

Muthoot Homefin (India) Ltd’sloan portfolio decreased to ₹1,881 crore against ₹2,025 crore in the previous year. Microfinance Limited grew its loan portfolio to ₹2,886 crore against last year’s ₹2,285 crore. The third quarter achieved a PAT of ₹5 crore.

Muthoot Insurance Brokers Pvt Limited generated a total premium collection amounting to ₹107 crore in Q3 FY21. It generated a PAT of ₹9 crore. The Sri Lankan subsidiary, Asia Asset Finance PLC, increased its loan portfolio to LKR1331 crore. It generated a PAT of LKR1.6 crore in Q3 FY21. Muthoot Money Ltd, a wholly-owned subsidiary extending loans for commercial vehicles and equipments, made a profit of ₹3 crore for 9M ended December 31, 2020.

George Alexander Muthoot, Managing Director, said: “We had a remarkable third quarter with several achievements. Our Standalone Loan Assets has crossed the landmark of ₹50,000 crore. Our active customers presently having a loan account also crossed the landmark of 50 lakh customers. We have achieved a growth of 22 per cent in gold loan portfolio during the 9 months of current year and likely to end the year with at least 25 per cent growth. Our disbursements for the quarter were focussed on new customer additions, fresh loans to active and inactive customers and top-up loans to existing customers. We disbursed fresh loans to 3.88 lakh new customers amounting to ₹2,976 crore and to 4.38 lakh inactive customers amounting to ₹2,960 crore. Subsidiaries followed a cautious approach towards lending.”

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Published on February 09, 2021
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