Advertisement

  • News
  • Columns
  • Interviews
  • BW Communities
  • Events
  • BW TV
  • Subscribe to Print
BW Businessworld

Muthoot Finance PAT Stands At Rs.802 Cr For Q1FY23

The company's consolidated Loan Assets Under Management grew 9 per cent YoY to Rs 63,444 crore in Q1FY23

Photo Credit :

1582266772_aWPu4F_unnamed_1_.jpg

A meeting of the Board of Directors of Muthoot Finance was held on Friday to consider and approve the unaudited standalone and consolidated results for the quarter ended June 30, 2022.

The company's consolidated Loan Assets Under Management grew 9 per cent YoY to Rs 63,444 crore in Q1FY23 as against Rs 58,135 crore in same quarter last year. Consolidated profit after tax declined by 16 per cent YoY to Rs 825 crore as against Rs 979 crore in the same quarter last year.

George Jacob Muthoot, Chairman, Muthoot Group said, “We continue to deliver stellar performance in gold loan space. Though there is a dip in loan assets during the quarter, we have achieved a YoY growth of 9 per cent in loan assets at Rs 63,444 crore. High frequency indicators suggest recovery in economic activity, with strong urban demand environment though the rural demand is still reviving. The Indian economy has been resilient and we are optimistic about steady demand conditions for gold loans coupled with the huge untapped opportunity in gold loan segment. The RBI approval for opening new 150 branches, coupled with the recent digital initiatives, gold [email protected] service will help us further expand and tap new customers.

George Alexander Muthoot, Managing Director, Muthoot Finance said, “The impact of the very low interest rate teaser loans has resulted in lower yields during Q1FY23. The launching of teaser loans was a strategic move taken in Q3 FY 22 and it enabled us to attract a set of new high value customers.  During the quarter, we focused on migrating such teaser loans to higher rate schemes and we successfully completed this exercise as on June 30, 2022. Hence the decline in loan assets by 2 per cent.  Although our live number of customers is 50 Lakh, we have a customer base of more than 4 to 5 times this number, who have had earlier transacted with us. Certainly these customers will come back to Muthoot for availing the high quality service we offer them when they require credit. We are expecting opening of 150 new branches for which approval was received from RBI to be completed by October 2022 upon which additional business will be generated.” 

 


Tags assigned to this article:
muthoot finance