Comments
Muthoottu Mini Financiers has registered 42.59 per cent rise in its profit after tax, amounting to ₹67.28 crore, in Q3 of FY24, compared to the previous fiscal year.
The company also witnessed a significant uptick of 62.18 per cent in its profit before tax, reaching ₹81.77 crore. It also announced significant growth in its total assets under management (AUM), marking an impressive increase of 14.89 per cent from the third quarter of the previous fiscal year, and this growth reflects the escalating demand for gold loans in the market.
The interest yield increased from 18.34 per cent in Q3 FY23 to 19.05 per cent in Q3 FY24. In the same time frame, the company saw the Net Interest Margin (NIM) rise from 8.63 per cent in Q3 FY23 to 9.03 per cent in Q3 FY24, signifying improved profitability and efficiency in handling interest-focussed aspects.
Mathew Muthoottu, Managing Director, Muthoottu Mini Financiers, said: “This growth we are witnessing has been a result of our decision to expand our network nation-wide and tap new markets to provide customers with access to gold loans.”
PE Mathai, Chief Executive Officer, Muthoottu Mini Financiers, added that despite the challenges in the economic landscape, our sustained growth in revenue, AUM, and profitability underscores the strength and resilience of our business model.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.