Muthoottu Mini Financiers has reported strong double-digit YoY growth at 30.58 per cent for FY22-23, reporting a consistent incremental growth from FY19-20, a 135 per cent growth in the last four years.
The Kochi-based company achieved a total income of Rs 544.44 crore, with PAT up 52 per cent, while the PBT stood at Rs 81.77 crore. The consolidated Assets under Management (AUM) touched Rs 3,262.78 crore in FY23, as compared to Rs 2,498.60 crore in the previous fiscal. The company’s asset quality remained robust with net NPA at 0.37 per cent, among the best in the industry.
Mathew Muthoottu, Managing Director, Muthoottu Mini Financiers, said, “As we look ahead, we are confident in our ability to capture new market opportunities, diversify our revenue streams, and continue providing outstanding financial services to our valued customers. During the months to come, we expect to witness exponential growth leveraging the strong base laid for the company.”
P E Mathai, Chief Executive Officer said, “The growth numbers of this financial year augur well with our plans to record substantial growth going forward. During FY23-24, we are planning to open 130+ new branches across the country and reach the 1,000+ branch milestone. We are also targeting an average AUM of INR 5 crore per branch to reach our goal of attaining Rs 5,000-crore in overall AUM.
Also read: Muthoottu Mini looks at 60% sales growth this fiscal at ₹4,000 cr
Muthoottu Mini Financiers has expanded its reach by opening 53 new branches and by adding 2 lakh new customers. As a result, the company’s network now spans 871 branches, enabling greater access to its financial services.