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Muthoot Finance Ltd has registered 70 per cent increase in net profit at ₹297 crore for the quarter-ended September as against ₹175 crore last year.
Retail loans registered an increase of ₹1596 crore during the quarter, achieving a growth rate of six per cent QoQ. AUM has increased by 10 per cent to ₹27456 crore as against ₹24873 crore last year.
George Alexander Muthoot, Managing Director said, “The achievements till September 30, strengthens the potential for achieving a growth target of 18-20 per cent of AUM for the full year. In light of the latest digital payment drive by the government, the company is well positioned to leverage its technological initiatives such as Webpay (Online payment platform), iMuthoot (Mobile application) and e-KYC verification. We believe that these initiatives will provide greater convenience to customers and also more importantly position the company to continue its leadership position in the digital banking era.”
ICRA has upgraded long-term debt rating of Muthoot Finance from ‘AA-/Stable’ to ‘AA/Stable’. The long term debt rating covers debt instruments of above one year whereas short term debt rating is for debt instruments of up to one year.
The company has completed its initially announced acquisition of 57.16 per cent equity share capital of Belstar Investment and Finance Private Limited (BIFPL) and hence became a subsidiary. During the quarter, its loan portfolio grew by 39 per cent at ₹399 crore.
Muthoot Homefin (India) Ltd, the housing finance subsidiary, has infused ₹28.42 crore fresh equity, thereby increasing its stake to 86 per cent from 79 per cent. During Q2 FY-17 its loan portfolio increased by ₹50 crore at ₹94 crore.
Muthoot Insurance Brokers Pvt Limited, the wholly owned subsidiary and a IRDA registered Direct Broker in insurance products has collected premium amounting to ₹19 crore in Q2 FY17 as against ₹10 crore in Q1 FY17.
Asia Asset Finance Plc, the Sri Lankan subsidiary has increased its loan portfolio by 45 per cent at LKR 805 crore as against LKR 556 crore last year.
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