Muthoot FinCorp records highest-ever loan disbursement in FY24 at Rs 61,703 crore

Muthoot FinCorp on Tuesday said it has recorded highest-ever loan disbursements in FY24 that rose 18.6 per cent to Rs 61,703.26 crore on a consolidated basis.

The asset under management (AUM) stood at Rs 33,359.30 crore. The consolidated net profit rose 62 per cent to Rs 1,047.98 crore in FY24, Muthoot FinCorp said in a statement.

"Muthoot FinCorp Ltd, the flagship company of 137-year-old Muthoot Pappachan Group, reports highest-ever loan disbursements in FY24 with consolidated disbursement at Rs 61,703.26 crore, up 18.60 per cent," the statement said.

On a standalone basis, Muthoot FinCorp's disbursements rose 15 per cent year-on-year to Rs 50,167.12 crore from Rs 43,443.26 crore in the previous year.

The profit after tax (PAT) increased 22.40 per cent to Rs 562.81 crore compared to Rs 459.81 crore in FY23.

The assets under management (AUM) of the company stood at Rs 21,712.34 crore, up 23.26 per cent compared to Rs 17,615.07 crore in the year-ago period.

Its revenue was at Rs 1,197.31 in the March quarter of FY24, posting a growth of 25.59 per cent, compared to Rs 953.38 crore in the year-ago period.

As of March 31, 2024, Muthoot FinCorp's customer base stood over 42.98 lakh, a 14 per cent increase compared to the previous financial year.

Muthoot FinCorp CEO Shaji Varghese said 81 per cent of its customers availed of loans below Rs 1 lakh."We look forward to continue serving lower middle-income families alongside focusing on financial inclusion driven from our Purpose of transforming the lives of the common man by ensuring his financial well-being,” Varghese said.