Country’s largest gold financing company Muthoot Finance today reported a 22 per cent jump in net profit at Rs 322 crore for the quarter ended March, 2017. For the full year, the lender’s net profit increased by 46 per cent to Rs 1,180 crore as against Rs 810 crore in the previous year, the Kochi-based company said in a statement. Retail loans registered an increase by Rs 2,899 crore during 2016-17, an increase of 12 per cent as against 4 per cent in the previous year, it added.
As on March 31, 2017, retail loan assets under management stood at Rs 27,278 crore. Also, the company’s total income for 2016-17 stood at Rs 5,747 crore. Commenting on the results, chairman M G George Muthoot said, “in spite of the challenges during last year, we could achieve 46 per cent increase in profit after tax at Rs 1,180 crore and retail loans increased by Rs 2,899 crore during the year, an increase of 12 per cent y-o-y.” During the year, Muthoot Finance said it acquired 64.60 per cent stake in equity share capital of Belstar Investment and Finance Private Limited (BIFPL), an RBI registered micro finance NBFC.
The company also acquired 100 per cent stake in Muthoot Insurance Brokers Pvt Limited, an IRDA registered Direct Broker in insurance products. Muthoot Finance has a branch network of 4,307, spanning 29 states and Union Territories.