Kochi-based Muthoot Microfin on Monday announced that its assets under management (AUM) reported a growth of 32 per cent year-over-year during the quarter ended March 31, 2024 to Rs 12,194 crore, as compared to Rs 9,208 crore during the same period last year.
The company reported its highest annual loan disbursement during FY24 at Rs 10,662 crore, registering a growth of 32 per cent on-year. Loan disbursements for FY23 was at Rs 8,104 crore.
In an exchange filing, Muthoot Microfin said that it has observed substantial growth during the quarter and the financial year. “ FY24 marked a healthy mix of credit expansion, rising margins and declining credit cost. Asset quality remained robust during the year. Our key focus areas for the next year include Assets Under Management (AUM) Growth, Asset Quality, Digital inclusion, Customer retention and geographic expansion,” it said.
For the fiscal year 2023-24, Muthoot Microfin reported collection efficiency at 98.4 per cent, up 260 bps from 95.8 per cent in the fiscal year 2022-23.
During FY24, it said, the funds availed stood at Rs 9,242 crore through various instruments. The company has un-availed sanctions of 2,112 crore during the closure of the financial year. The microfinance company also concluded an ECB deal raising $75 million (Rs 622 crore) from multiple international banks. The deal provides cheaper funds and also helps in achieving a better asset-liability mix with a 3.3 year loan timeframe.
Further, in terms of active customer count, Muthoot Microfin’s active customer count expanded by 21 per cent on-year to 33.5 lakh customers as of March 31, 2024, compared to 27.7 lakh customers as of March 31, 2023. It added 10.0 lakh new customers to Muthoot Microfin during the fiscal. Its Mahila Mitra app downloads (cumulative) have now reached 16.3 lakh customers.
In terms of total branch count, it posted growth by 29 per cent on-year taking the total count to 1,508. The company recently entered into Telangana and expanded its footprint on states including Uttarakhand and Himachal.