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Muthoot Finance Reports 6% PAT Growth YoY

Muthoot Finance's consolidated loan assets under management grew 11 per cent YoY to Rs 64,494 crore as at FY22

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A meeting of the Board of Directors of Muthoot Finance was held today to consider and approve the  audited standalone and consolidated results for the quarter ended March 31, 2022.

Muthoot Finance's consolidated loan assets under management grew 11 per cent YoY to Rs 64,494 crore as at FY22 as against Rs 58,280 crore last year. Consolidated profit after tax for FY22 grew 6 per cent YoY to Rs 4031 crore as against Rs 3,819 crore last year.

George Jacob Muthoot, Chairman stated, “Despite the ongoing geo-political crisis and covid related base challenges, Muthoot Finance has delivered a consistent performance in this quarter. As the economy is gradually recovering, the demand for gold loans has been steady and we remain optimistic for the coming financial year. Gold prices have been steadily rising over the last three years and this has attracted new customers towards the product and  has  positively helped the sector. With Indian Households owning the world’s biggest private stock of gold, and only about ten percent in the organised gold loan market space including gold loan companies, there is huge untapped opportunity in gold loan  sector.  We aim to keep innovating and maintain our leadership in the gold loan sector.”

George Alexander Muthoot, Managing Director said, “Since we are witnessing signs of recovery in the economy, the RBI rate hike may not dampen overall demand scenario and we are expecting borrowing cost to go up gradually during the year. Gold loans are a great option both, in times of rise and drop in economic activities. As the economy recovers and overall economic demand revives, our focus will be to make the most of the opportunities and keep innovating further. Gold Loan AUM grew 11 per cent during FY22 and we remain optimistic about a growth of 12-15 per cent in Gold loan AUM for FY23 as well. The digital initiatives like  AI-powered Voicebot platform enabling real time conversation with customers , launching of  a new & improvised Muthoot WhatsApp experience and facilitating digital repayments through PayTM, PhonePe, Google Pay, WhatsApp etc.  are enabling factors towards growth. We have recently also revamped our Gold [email protected] services and plan to expand the service across 4600+ branches in India.”

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