Muthoot Microfin Reports 32% Growth in AUM, Highest Loan Disbursement in FY24

8 Apr 2024 , 02:54 PM

Muthoot Microfin, based in Kochi, announced a 32% year-over-year growth in its assets under management (AUM) during the quarter ending March 31, 2024, reaching ₹12,194 Crore from ₹9,208 Crore in the same period last year.

The company achieved its highest-ever annual loan disbursement of ₹10,662 Crore in FY24, marking a 32% increase from ₹8,104 Crore in FY23.

In a recent exchange filing, Muthoot Microfin highlighted significant growth observed during the quarter and the entirety of the financial year. The company stated, “FY24 witnessed a healthy blend of credit expansion, improving margins, and decreasing credit costs. Asset quality remained resilient throughout the year.” Looking ahead, the company outlined its key focus areas for the upcoming year, which encompass Assets Under Management (AUM) Growth, maintaining asset quality, enhancing digital inclusion, ensuring customer retention, and expanding its geographic presence.

Collection efficiency for FY24 improved to 98.4%, up from 95.8% in FY23, while funds availed during FY24 amounted to ₹9,242 Crore through various instruments, with un-availed sanctions of ₹2,112 Crore.

The company secured an ECB deal raising $75 million (₹622 Crore) from multiple international banks, aiming for cheaper funds and a better asset-liability mix with a 3.3-year loan timeframe.

Muthoot Microfin’s active customer count expanded by 21% year-over-year to 33.5 lakh customers as of March 31, 2024, with 10.0 lakh new customers added during the fiscal and Mahila Mitra app downloads reaching 16.3 lakh customers cumulatively.

Total branch count grew by 29% year-over-year to 1,508, with recent expansions into Telangana and other states like Uttarakhand and Himachal Pradesh.

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