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Gold loan portfolio growing robustly: Muthoot Finance

The net profit of the gold loan division of Muthoot Finance (MFIN), increased 22 % YoY to touch Rs 991 crore as per reports.

During the quarter, gold loan portfolio of Muthoot Finance increased by Rs 3,389 crore to Rs 49,622 crore, quarter-to- quarter growth of 7%.

Disbursements for the quarter were focused on new customer additions, fresh loans to active and inactive customers and top-up loans to existing customers.

Fresh loans up to 3.88 lakh were disbursed to new customers amounting to Rs 2,976 crore and to 4.38 lakh inactive customers amounting to Rs 2,960 crore.

Further, subsidiaries followed a cautious approach towards lending as share of the subsidiaries constitutes 10% of the consolidated loan portfolio.

Its consolidated loan assets under management (AUM) increased 28 % year on year to touch Rs 55,800 crore during the quarter.

Standalone loan assets of Muthoot Finance have crossed the landmark of Rs 50,000 crore and active customers presently having a loan account also crossed the landmark of 50 lakh.

It has achieved 22% growth in gold loan portfolio during the nine months of the current year and likely to end the year with at least 25% growth as against previous year growth of 22%.

NBFC Muthoot Finance on Tuesday reported a 17% year-on-year increase in its third quarter consolidated net profits to Rs 1006.6 crore with its gold loan portfolio growing robustly.

The finance company also operates in home loan, microfinance and insurance broking subsidiaries respectively.

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