Muthoot Finance posts 16% rise in Q1 net profit at Rs 971 cr thehindubusinessline.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thehindubusinessline.com Daily Mail and Mail on Sunday newspapers.
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 Finance posts 22% rise in net profit in Q4 of FY21
June 02, 2021
George Jacob Muthoot, Chairman, Muthoot Finance×
George Jacob Muthoot appointed as the Chairperson of the Board of Directors
Gold loan lender Muthoot Finance Ltd has registered a 22 per cent increase in its net profit in Q4 of FY21 at ₹996 crore against ₹815 crore in the corresponding period of the previous year. The net profit for the whole year went up to ₹3,722 crore against ₹3,018 crore, an increase of 23 per cent.
Gold loan assets up by ₹2304 crore
Loan assets stood at ₹52,622 crore as on March 31, 2021 against ₹41,611 crore as on March 31, 2020, a growth of 26 per cent. During the quarter, gold loan assets increased by ₹2,304 crore.
Muthoot Homefin aims to disburse ₹700 crore of home loans in FY22
February 22, 2021
Will focus on expanding our housing finance operations in Southern States: MD George Alexander Muthoot Muthoot Homefin (India) Ltd, a wholly owned subsidiary of Muthoot Finance, is aiming to disburse ₹700 crore of home loans in FY2021-22.
“We are steadfastly progressing on taking the ‘Housing for All’ initiative of the government to the farthest Tier II and III locations in the country in order to support the affordable housing needs and aspirations of every Indian. As of now, we will be focussing on expanding our housing finance operations in the Southern States of the country. With the additional focus towards collections in FY2020-21, the company has been able to contain delinquencies on the portfolio during the pandemic and have now stabilised its collections,” said George Alexander Muthoot, Managing Director.
Muthoot Homefin to disburse up to ₹700cr loans for affordable housing in FY22
Muthoot Homefin to disburse up to ₹700cr loans for affordable housing in FY22
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MHIL has disbursed over ₹2,600 crore over the past five years since its inception
Muthoot Homefin plans to expand its operations in the southern states of India
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Muthoot Homefin India Ltd (MHIL) on Sunday said it aims to disburse ₹700-crore loans in the next financial year to cater to the affordable housing segment.
MHIL has disbursed over ₹2,600 crore over the past five years since its inception, the company said in a release.