Muthoot Finance Q2 net profit rises 2.5% to Rs 931 crore

Oberoi Realty Q1 net profit drops 82% to Rs 28 crore 

Muthoot Finance on November 3 reported a 2.5 percent increase in consolidated net profit at Rs 930.80 crore for the second quarter ended September of the current fiscal year.

The company had posted a net profit of Rs 908.54 crore in the same quarter of previous fiscal year.

Total income grew 17.4 percent to Rs 2,824.19 crore during July-September period of 2020-21 from Rs 2,406.39 crore in the same period of 2019-20, Muthoot Finance said in a regulatory filing.

The company’s consolidated loan assets under management grew 29 percent to Rs 52,286 crore during April-September of FY21, it said. The results include financial numbers from its subsidiaries — Muthoot Homefin (India) Ltd, Belstar Microfinance Ltd, Muthoot Insurance Brokers Pvt Ltd, Muthoot Money Ltd and Sri Lankan subsidiary Asia Asset Finance Plc (AAF).

On a standalone basis, net profit of Muthoot Finance rose to Rs 894.39 crore during the quarter under review from Rs 857.92 crore in the year-ago quarter. Income grew to Rs 2,584.47 crore from Rs 2,140.55 crore a year ago. The company said it saw highest ever quarter-on-quarter (QoQ) growth in its gold loan portfolio.

“We are glad to inform that we could achieve highest ever quarterly growth in gold loan portfolio of Rs 5,739 crore during this quarter i.e., QoQ growth of 14 percent. With this growth, we achieved a year-on-year growth in loan assets of 32 percent reaching Rs 47,016 crore…we are able to support our customers with extra funds during times of their difficulty,” Muthoot Finance Chairman M G George Muthoot said, “We also achieved a year-on-year increase of 25 percent in profit after tax of Rs 1,735 crore for the half year ended September 30, 2020,” he added.

Non-gold loan portfolio in subsidiaries constituted about 11 percent of the company’s consolidated loan portfolio. Collections in non-gold loan portfolio have significantly improved month-on-month, the company’s managing director George Alexander Muthoot said. The company disbursed fresh loans to 4.40 lakh new customers, amounting to Rs 3,653 crore, and to 4.67 lakh inactive customers, amounting to Rs 3,460 crore, during the quarter, he added.

Shares of Muthoot Finance on Tuesday closed 3.81 percent lower at Rs 1,190.05 apiece on the BSE.

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