Money & Banking

Muthoot Finance Q3 net profit flat at ₹485 crore

Our Bureau Kochi | Updated on February 07, 2019 Published on February 06, 2019

Its loan assets stood at Rs 36,497 crore as on December 31

Muthoot Finance, the gold financing company, posted a 15 per cent rise in net profit for the nine months of FY19 at ₹1,460 crore against ₹1,269 crore in the corresponding period of the previous year.

The net profit in Q3 rose 1 per cent at ₹485 crore vis-a-vis ₹479 crore in the corresponding period of the previous fiscal.

Loan assets stood at ₹32,470 crore as of December 31, 2018, against ₹28,269 crore as of December 31, 2017.

During the quarter, loan assets increased by ₹151 crore.

Muthoot Homefin India, the wholly-owned subsidiary, saw an increase in its loan portfolio at ₹1,835 crore against ₹1,100 crore in the previous year.

It achieved a net profit of ₹9 crore in Q3 FY19. Belstar Investment and Finance Pvt Ltd, an RBI-registered micro finance NBFC and subsidiary company where Muthoot Finance holds 70.01 per cent stake, achieved a PAT of ₹25 crore in Q3 of FY19.

Muthoot Insurance Brokers Pvt Ltd, an IRDAI-registered direct broker in insurance products, generated a first-year premium collection amounting to ₹62 crore during Q3 of FY19.

It generated a PAT of ₹4 crore during Q3 FY19. The Sri Lankan subsidiary, Asia Asset Finance PLC, increased its loan portfolio to LKR1,163 crore against last year’s LKR975 crore. It generated a profit after tax of LKR1 crore during Q3. “The third quarter was a turbulent period for all NBFCs because of concerns on liquidity scenario. Muthoot Finance, as a responsible company to all the stakeholders, acted cautiously and conserved liquidity rather than growth. Hence, our loan assets remained flat for the quarter,” said MG George Muthoot, Chairman.

Published on February 06, 2019
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