Muthoot Finance Net Profit Rises 8% To Rs 1,002 Crore In September Quarter

Muthoot Finance Q2 Results: Net profit stood at Rs 1,002 crore in the September quarter

Non-banking financial company (NBFC) Muthoot Finance reported a net profit of Rs 1,002 crore on a consolidated basis, compared to Rs 930.7 crore, marking a growth of eight per cent year-on-year. The Kerala-based lender’s consolidated loan assets under management increased five per cent on a sequential basis to Rs 60,919 crore in the second quarter of the current fiscal.

“The demand environment remains strong and as we enter the festive season we remain optimistic about growth momentum in gold loan over the second half of FY22. We are optimistic about growing our gold loan book further and maintain 15 per cent growth guidance for FY22.

We are witnessing improved collections across micro finance, vehicle finance and home loans,” said Mr George Alexander Muthoot, Managing Director, Muthoot Finance.

The company recently launched a customer centric AI-powered virtual assistant ‘Mattu’ – a virtual assistant which enables users to apply for loans, address queries and perform transactions such as checking account balance, paying gold loan interest, availing loan top-ups, making part payments, among others.

”….our consolidated loan AUM stood at Rs.60,919 crores as of end September 2021, clocking a growth of five per cent QoQ and a growth of 17 per cent YoY despite a challenging business environment….The contribution of our subsidiaries to the overall consolidated AUM stands steady at 10 per cent. As a responsible NBFC, we have been consistently working towards an overall growth strategy focusing on governance, performance and ESG framework,” said Mr George Jacob Muthoot, Chairman, Muthoot Group.

On Thursday, November 6, shares of Muthoot Finance settled 0.75 per cent higher at Rs 1,530.10 apiece on the BSE.

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