NBFC Muthoot Finance on Monday announced a flat growth in standalone net profit for the three months to March at Rs 511.5 crore.
NBFC Muthoot Finance on Monday announced a flat growth in standalone net profit for the three months to March at Rs 511.5 crore. Net profit of the gold loan company during the same quarter of FY18 stood at Rs 508.3 crore.
The Kerala-based lender said its consolidated net profit achieved a year-on year increase of 14% at Rs 2,103 crore against Rs 1,844 crore in FY18.
Consolidated loan assets under management achieved a year-on-year increase of 20% at Rs 38,304 crore against Rs 31,921 crore of the previous fiscal. During the quarter, consolidated loan assets under management increased by 7% to Rs 2,361 crore.
The lender said that diversification into new businesses continued to gain momentum with non-gold businesses now contributing 12% to the consolidated AUM.
George Alexander Muthoot, MD, said: “Muthoot Finance achieved a growth of 18% during FY19, reaching Rs 34,246 crore against last year’s Rs 29,142 crore. Subsidiaries have achieved considerable momentum in building loan assets. Our subsidiaries achieved y-o-y loan growth of 51%, reaching Rs 4,558 crore, against last year’s Rs 3,012 crore. They are contributing 12% to the group loan assets.”