Money & Banking

Muthoot Finance’s profit rises 77% to ₹858 cr in Q2

Kochi | Updated on November 13, 2019 Published on November 13, 2019

Gold loan lender Muthoot Finance Ltd has registered a 77 per cent growth in net profit at ₹858 crore in Q2 of FY20, against ₹484 crore in the corresponding period of the previous fiscal. The consolidated profit of the group for the quarter stands at ₹909 crore, when compared to ₹515 crore in the corresponding period of FY19.

Loan assets stood at ₹35,731 crore as of September 30, against ₹32,319 crore as of September 30, 2018, a growth of 11 per cent. MG George Muthoot, Chairman, said: “We are glad to announce that consolidated loan assets of the group grew by 13 per cent at ₹40,390 crore during H1 FY20, against last year’s ₹35,835 crore. The consolidated profit increased by 42 per cent at ₹1,472 crore during H1 FY20, against last year’s ₹1,033 crore.”

Muthoot Homefin India Ltd, the wholly-owned subsidiary, achieved a profit after tax of ₹14 crore in Q2.

Belstar Microfinance registered a profit after tax of ₹28 crore during the period. Muthoot Insurance Brokers Pvt Ltd generated a PAT of ₹4 crore, while the Sri Lankan subsidiary, Asia Asset Finance, recorded a PAT of LKR 3 crore.

Published on November 13, 2019