Muthoot Finance net profit surges 59% in Q4FY20

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Published: June 18, 2020 12:20 AM

The gold loan company reported a standalone net profit of Rs 3,018 crore in FY20 against Rs 1,972 crore in the previous fiscal, a growth of 53%.

Standalone net profit for the company for the fourth quarter of FY19 stood at Rs 512 crore.Standalone net profit for the company for the fourth quarter of FY19 stood at Rs 512 crore.

Muthoot Finance on Wednesday reported a 59% year-on-year increase in its standalone net profit for the fourth quarter of the last fiscal at Rs 815 crore.

Standalone net profit for the company for the fourth quarter of FY19 stood at Rs 512 crore.

The gold loan company reported a standalone net profit of Rs 3,018 crore in FY20 against Rs 1,972 crore in the previous fiscal, a growth of 53%.

The finance company, which also operates home loan, microfinance and insurance broking subsidiaries, said the consolidated profit for FY20 stands at Rs 3,169 crore, an increase of 51% over Rs 2,103 crore reported in FY19.

The Kerala-based lender has reported that consolidated loan assets under management achieved a y-o-y increase of 22% at Rs 46,871 crore against last year’s Rs 38,304 crore.

Managing director (MD) George Alexander Muthoot said: “The company could open majority of its branches since April 20 and as of now all branches are functioning normally. Disbursements and collections have normalised and we are expecting an increase in disbursement once the movement of people increases and economic activity level picks up. The company continues to maintain adequate liquidity to meet all repayment obligations. We have been able to raise fresh commercial paper, NCDs, bank limits etc. We are looking to grow gold loan business by about 15% for the whole year.”

During the last quarter, gold loan portfolio of Muthoot Finance increased by Rs 3,113 crore to Rs 41,611 crore.

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