During the quarter, loan assets increased by 4% to Rs 1,322 crore.
Gold loan NBFC Muthoot Finance on Wednesday announced a 9% year-on-year increase in standalone net profit for the July-September quarter to Rs 484 crore. Net profits during the second quarter of FY18 stood at Rs 446 crore. Sequentially, the net profit of the lender has declined by 2% from Rs 492 crore in Q1 of FY 19.
The Kerala-based lender , which also has a microfinance, broking and home loan company in the group, said that diversification into new business areas continued to gain momentum with new, non-gold businesses, now contributing 10% in the consolidated AUM (asset under management).
Total income of the lender declined marginally by 1% to Rs 1,650 crore from Rs 1,662 crore in the year-ago period. Sequentially, the total income has increased by 1% from Rs 1,633 crore in the Q1 of the current fiscal.
Loan assets for the finance company stood at Rs 32,319 crore as on September 30, 2018, against Rs 27,613 crore till September 30, 2017, an y-o-y growth of 17%. During the quarter, loan assets increased by 4% to Rs 1,322 crore.
MG George Muthoot, chairman, said, “We witnessed a strong growth with consolidated loan assets growing y-o-y of 21% reaching Rs 35,956 crore as on September 30, 2018. Gold loan portfolio also witnessed a strong growth during the quarter with Muthoot Finance loan assets increasing by Rs 1,322 crore, a q-o-q increase of 4%. Profit after tax (PAT) of MFIN increased by 23% at Rs 975 crore for the half year as against last year of Rs 791 crore.”