Muthoot Finance logs 8% increase in net profit to Rs 1002.9 crore

The concern company, which besides operates location loan, micro-finance and security broking subsidiaries, said nett net of the golden indebtedness part accrued 11 % YoY to Rs 994 crore ,and the stock successful the consolidated nett stands astatine 99%.

NBFC Muthoot Finance connected Thursday reported a 8% year-on-year (y-o-y) summation successful its 2nd 4th consolidated nett net to Rs 1002.9 crore, chiefly driven by bully show of the golden indebtedness division.

The Kerala-based lender had reported a consolidated nett net of Rs 930.7 crore successful the year-ago play and a nett net of Rs 978.6 crore successful the preceding archetypal quarter..

The concern company, which besides operates location loan, micro-finance and security broking subsidiaries, said nett net of the golden indebtedness part accrued 11 % YoY to Rs 994 crore ,and the stock successful the consolidated nett stands astatine 99%.

Consolidated indebtedness assets nether absorption of Muthoot accrued 5% connected a sequential ground to Rs 60,919 crore.

MD George Alexander Muthoot said, “The request situation remains beardown and arsenic we participate the festive play we stay optimistic astir maturation momentum successful golden indebtedness implicit the 2nd fractional of FY22. We are optimistic astir increasing our golden indebtedness publication further and support 15% maturation guidance for FY22. We are witnessing improved collections crossed micro finance, conveyance concern and location loans. In the past 4th we had consciously decided to spell dilatory connected non-gold lending business, we proceed to stay conscious and show the abstraction for emerging opportunities. We volition proceed to travel the strategy of balanced maturation portion maintaining wide plus quality.”

Loan assets of the golden indebtedness part for the 4th stands astatine Rs55102 crore compared to Rs 5,2394 crore successful the comparable 4th of the erstwhile year, which is 5% y-o-y growth.

Average golden indebtedness per subdivision has accrued by 18% YoY to Rs 11.84 crore. Total value of golden pledged with the institution stands astatine 178 tonne astatine the extremity of the 2nd 4th arsenic against 163 tonne successful the corresponding play of past fiscal year. Average indebtedness summons size has accrued by 2 % YoY to interaction Rs 62,054 arsenic against Rs 60,642 successful the year-ago period. Number of indebtedness accounts of the NBFC has besides accrued 88 lakh, an summation of 16 % YoY.