Muthoot Finance consolidated PAT increased by 21% yoy at Rs1,788cr for H1Y21

Consolidated loan assets under management increased by 29% yoy at Rs52,286cr for H1FY21.

Nov 03, 2020 10:11 IST India Infoline News Service

Muthoot Finance Ltd on Tuesday achieved consolidated profit after tax (PAT) of Rs1,788cr in H1FY21, a yoy increase of 21% as against last year of Rs1,472cr (H1FY20). During the second quarter of the FY21 PAT stood at Rs930cr compared to Rs858cr in Q1FY21, an increase of 8% qoq. 

Consolidated loan assets under management achieved a yoy increase of 29% at Rs52,286cr as against last year of Rs40,390cr for H1FY21. During the quarter, Consolidated Loan Assets under management increased by Rs5,785crs.

Standalone Loan Assets Under Management increased by 32% yoy at Rs47,016cr for H1FY21. Standalone Profit after tax increased by 25% yoy at Rs1,735cr for H1FY21

“We are glad to inform that we could achieve highest ever quarterly growth in gold loan portfolio of Rs.5,739crs during this quarter i.e., QoQ growth of 14%. With this growth, we achieved a yoy growth in loan assets of 32% reaching Rs47,016cr. We are proud that we are able to support our customers with extra funds during times of their difficulty. We also achieved a yoy increase of 25% in profit after tax of Rs1,735cr for the half year ended September 30, 2020,” M G George Muthoot, Chairman stated.

George Alexander Muthoot, Managing Director said, “Our disbursements for the quarter were focused on new customer additions, fresh loans to active and inactive customers and top-up loans to existing customers. This was supported by adequate BTL and ATL activities as well as digital innovations. We disbursed fresh loans to 4.40lakh new customers amounting to Rs3,653cr and to 4.67lakh inactive customers amounting to Rs3,460cr.

Our average gold loan outstanding per branch crossed Rs.10crs per branch for the first time. Company has been able to raise funds through bank loans, NCDs and commercial paper issuances regularly. We also maintained a liquidity buffer of Rs7,946cr as cash, bank and investments in liquid funds as on September 30,2020. Subsidiaries followed a cautious approach towards lending. Non-gold loan portfolio in subsidiaries constituted about 11% of consolidated loan portfolio. Collections in non-gold loan portfolio have significantly improved month on month.”

At close of the market, Muthoot Finance traded at Rs1,190 per piece down by Rs47.15 or 3.81% from its previous closing of Rs1,237.15 per piece on the BSE.

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