Spike in gold loans boosts Muthoot Finance’s FY21 performance
Total loan assets grew 26 per cent year-on-year to Rs 52,622 crore during the stressful year 2020-21 from Rs 41,611 crore a year ago.
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| A+A A- By Express News Service
NEW DELHI: The pandemic year has been a blessing in disguise for India’s largest gold loan company Muthoot Finance. A rapid surge in demand for gold loans has helped the lender cross Rs 10,000 crore in total revenue for 2020-21. Its gold loan portfolio crossed Rs 52,000 crore while net worth breached the Rs 15,000 crore mark all of which are milestones the company has achieved for the first time in its history.
The company had posted a standalone profit after tax of Rs 815 crore in the year-ago period. For the full year, the standalone net profit rose by 23 per cent to Rs 3,722 crore as against Rs 3,018 crore in FY20. We have seen good business growth during the last year, especially in the second and the third quarters. After the pandemic, there was a lot of demand for gold loans. Everybody wanted to restart their business and wanted quick funding, which is why the demand for gold loans grew, its Managing Director George Alexander Muthoot said. The lender was able to grow its asset under management (AUM) in gold loan segment by 27 per cent in FY21 compared to a growth of 22 per cent in the previous year.
Muthoot Homefin plans to disburse ₹700 cr home loans in FY22
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The company has transferred over ₹300 crore of loan subsidy under Pradhan Mantri Awas Yojana s Credit Linked Subsidy Scheme
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. Updated: 21 Feb 2021, 03:41 PM IST PTI
In the first nine months of the current fiscal, the mortgage financier s standalone profit after tax dropped 75.49 per cent to ₹7.5 crore from ₹30.6 crore in the year-ago quarter
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Mumbai: Muthoot Homefin (India) Ltd (MHIL), a wholly-owned subsidiary of Muthoot Finance, on Sunday said it plans to disburse ₹700 crore of home loans in the 2021-22 fiscal. In the first nine months of 2020-21, the housing finance company disbursed ₹85.6 crore as against ₹356.4 crore in the same period of the previous fiscal.
The company has transferred over Rs 300 crore of loan subsidy under Pradhan Mantri Awas Yojana s Credit Linked Subsidy Scheme from National Housing Bank (NHB), the release said.
The company has transferred over Rs 300 crore of loan subsidy under Pradhan Mantri Awas Yojana s Credit Linked Subsidy Scheme from National Housing Bank.