COMPANIES

No Data Found

NEWS

No Data Found
Advertisement
Muthoot Finance Q1 profit rises 14% to Rs 979 cr; loan AUMs jump 25%

Muthoot Finance Q1 profit rises 14% to Rs 979 cr; loan AUMs jump 25%

Muthoot Finance's consolidated loan assets under management jumped to Rs 58,135 crore in Q1 FY22 against Rs 46,501 cr during Q1 FY21

BusinessToday.In
  • Updated Aug 6, 2021 3:12 PM IST
Muthoot Finance Q1 profit rises 14% to Rs 979 cr; loan AUMs jump 25%Muthoot Finance chief George Jacob Muthoot says the company maintained its consolidated loan AUM on a QoQ basis despite tough environment. Photo: Reuters

Muthoot Finance's standalone profit increased 16 per cent YoY to Rs 971 crore in the April-June quarter. It's consolidated profit rose 14 per cent to Rs 979 crore vs Rs 858 crore during the same period last year.

Muthoot Finance's consolidated loan assets under management jumped 25 per cent to Rs 58,135 crore in Q1 FY22 against the last year's Rs 46,501 crore. The standalone loan assets under management rose 27 per cent YoY to Rs 52,614 crore.

Advertisement

During the quarter, the consolidated loan assets under management decreased Rs 145 crore. Muthoot Finance, the largest gold financing company in the country in terms of loan portfolio, saw its gold loan assets jump by Rs 142 crore during Q1 FY22.

Muthoot Finance chairman George Jacob Muthoot said as the second wave of pandemic hit across the country in Q1, amidst selective lockdowns at state and local levels, the company took all efforts to open branches and maintain services to the extent possible. "Thanks to all our 25000+ workforce, we were able to maintain our consolidated loan AUM on a QoQ basis despite the tough environment."

MD George Alexander Muthoot said the company consciously decided to go slow in terms of non-gold lending business on account of continued uncertainty. "We are redrawing our strategies in terms of the non-gold lending business and we are confident to emerge stronger as the environment improves," he said.

Advertisement

Muthoot Finance had recorded a 22.5 per cent jump in consolidated net profit to Rs 1,023.76 crore for the fourth quarter ended March 2021, primarily due to higher demand for gold loans. The total income had risen to Rs 3,118.97 crore in Q4.

Meanwhile, the Muthoot Finance stock is trading Rs 36.65 or 2.31 per cent down at Rs 1,547.5 at the NSE today, compared to Rs 1,584.15 during the previous session.

Also read: Making the Most of the Cloud

Also read: This stock turned Rs 1 lakh into Rs 10 lakh in one year, did you miss the rally?

Also read: Muthoot Homefin plans to disburse Rs 700 crore home loans in FY22

Published on: Aug 6, 2021 2:53 PM IST
Post a comment0