Gold loan financing NBFC Muthoot Finance on Wednesday announced a 43% year-on-year increase in net profits for the three months ending June to Rs 492 crore. Net profits during the first quarter of FY 18 stood at Rs 345 crore.
Loan assets for the company stood at Rs 30,997 crore as on June 30, 2018 as against Rs 27,857 crore as on June 30 ,2017, a y-o-y growth of 11%. During the quarter, loan assets increased by 6% to Rs 1855 crores. Revenue of the company increased by 19% at Rs 1622.88 crore against Rs 1365.23 crore.
Total weight of gold pledged with the company stands at 161 tonne as against 152 tonne in the corresponding period of last fiscal while average loan ticket size has increased 5 % y-o-y for the quarter to Rs 39,204 crore.
Commenting on the results company’s chairman M G George Muthoot said, “We witnessed a strong growth by the group with consolidated loan assets growing 7% q-o-q, reaching highest level of `34,316 crores. Gold loan portfolio also witnessed a strong growth during the quarter with Muthoot Finance loan assets increasing by `1855 crore, a q-o-q increase of 6%.”