Muthoot Finance has posted its highest-ever consolidated net profit of ₹1,196 crore during the first quarter of FY25, up 14% compared to ₹1,045 crore during the same quarter of the previous fiscal.
The Kochi-based lender also reported highest-ever consolidated loan assets under management (AUM) of ₹98,048 crore, up by 28% and highest-ever increase in gold loan AUM of ₹14,883 crore, which grew by 23% on a year-on-year basis.
“Muthoot Finance has begun FY25 with a strong quarter with our consolidated loan assets under management reaching highest ever level of ₹98,048 crore and standalone loan assets under management reaching highest ever level of ₹84,324 crore,” George Jacob Muthoot, chairman, Muthoot Finance said in an earnings release.
“Our subsidiaries have continued the strong growth momentum, contributing significantly to our consolidated loan assets which now stand at 15%,” he added.
Muthoot Finance subsidiaries include Muthoot Homefin (India), Belstar Microfinance, Muthoot Insurance Brokers, and Muthoot Asset Management.
“In this quarter, gold loan disbursements were the highest ever in any quarter amounting to ₹73,648 crore. Further, the gold loan disbursements to new customers was also the highest ever in any quarter amounting to ₹5,651 crore,” said George Alexander Muthoot, managing director, Muthoot Finance.
He added that the company continues to focus on diversifying its loan book to non-gold segments, including microfinance loans, personal loans, and home loans.
On a standalone basis, Muthoot Finance’s net profit grew by 11% to ₹1,079 crore. Standalone income grew by 23% to ₹3,710 crore. During the quarter, Muthoot Finance’s standalone loan assets increased by ₹8,497 crore, registering a growth of 11% while gold loan assets increased by ₹8,043 crore, up by 11%.
The group opened 218 new branches in Q1FY25, taking the total branch network to 6,759.
Capital adequacy ratio of the lender stood at 27.47% as compared to 30.03% during Q1FY24. Shares of Muthoot Finance were down by 2% to ₹1,852.60 on NSE.