Muthoot Finance Q2 net up 77%

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Kochi | Published: November 14, 2019 2:58:32 AM

NBFC Muthoot Finance (MFIN) registered a 77% rise in standalone net profit to Rs. 858 crore for Q2FY20 against Rs. 484 crore a year ago.

Branch network of the company, which also faced a trade union strike, stood at 4,540 branches at the end of Q2, a rise of 4% from 4,370 branches a year ago.

NBFC Muthoot Finance (MFIN) registered a 77% rise in standalone net profit to Rs. 858 crore for Q2FY20 against Rs. 484 crore a year ago. Consolidated net profit of the group for the three months ended September 30, 2019, stands at Rs. 908.5 crore against Rs. 515 crore a year ago.

Total income of the consolidated entity stood at Rs. 2,406.3crore against Rs. 1,820.82 crore a year ago. Total income was at Rs. 2,140.05 crore against Rs. 1,650 crore a year ago.

Chairman MG George Muthoot said, “We are glad to announce that consolidated loan assets of the group grew by 13% at Rs. 40,390 crore during H1FY20 against last year’s Rs. 35,835 crore. Consolidated profit rose 42% to Rs. 1,472 crore against last year’s Rs. 1,033 crore.”

For the gold loan business, the number of loan accounts in H1 stood at 81 lakhs, a marginal decline of 1% from 82 lakh accounts at the end of H2FY19. Gold pledged for H1 stood at 171 tonne as against 168 tonne a year ago.

Total income of the consolidated entity for the second quarter stood at Rs. 2,406.3 crore against Rs. 1,820.82 crore in the same quarter last fiscal.

Speaking on the occasion George Alexander Muthoot, managing director, said, “During the quarter, the company got rated by 3 international credit rating agencies — Fitch Ratings at ‘BB+/Stable’, S&P Global at ‘BB/Stable’ and Moody’s Investor Service at ‘Ba2/Stable’. In October 2019, the company raised $450 million through issuance of 6.125% senior secured notes, making it the first private sector NBFC to make a debut issue under the 144A/Reg S mode.” In October 2019, the NBFC also successfully completed the 21st public issue of non-convertible debentures, raising Rs. 459 crore, he added.

Branch network of the company, which also faced a trade union strike, stood at 4,540 branches at the end of Q2, a rise of 4% from 4,370 branches a year ago.

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