Muthoot Finance reports 11% yoy jump in net profit at Rs 1,981 cr; Asset Under Management up 17%

Muthoot Finance Limited has reported a consolidated net profit of Rs 1,981 cr, which was up by 11 per cent year-on-year (yoy) for H1 FY22, the company informed in its filing to exchanges. The Loan Assets Under Management increased to Rs 60,919 cr, up by 17 per cent yoy for H1 FY22.

Standalone Loan Assets Under Management increased to Rs 55,147 cr for H1 FY22, up by 17 per cent yoy.

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Standalone Profit after tax increased to Rs 1,965 cr for H1 FY22 , up by 13 per cent yoy.

Assets under management increased by Rs 2,784 cr, up 5 per cent qoq.

“We were able to maintain growth momentum during the quarter with all of our branches now open for business.  Our consolidated loan AUM stood at Rs 60,919 crores as of end September 2021, clocking a growth of 5% QoQ and a growth of 17% YoY despite a challenging business environment,” George Jacob Muthoot, Chairman, Muthoot Group said.

“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% growth guidance for FY22. We are witnessing improved collections across Micro finance, vehicle finance and home loans. In the last quarter we had consciously decided to go slow on non-gold lending business, we continue to remain conscious and monitor the space for emerging opportunities. We will continue to follow the strategy of balanced growth while maintaining overall asset quality,” George Alexander Muthoot, Managing Director, Muthoot Finance said.