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Muthoot Finance Ltd Q1 FY 2016 ResultsRetail Loan Assets Under Management at Rs. 24409 Crs as at 30th June 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Kochi, Kerala, India - Total Income for Q1 FY16 at Rs.1143 crs - PAT for Q1FY16 at Rs.183 crs - Branch Network of 4242 spread across 26 States including Union Territories
Muthoot Finance Ltd, the largest gold financing company in India in terms of loan portfolio, registered an increase in net profit of 11% at Rs.183crores for the quarter ended June,2015 as against Rs.165crs in the immediate preceding quarter . Retail loans registered an increase of Rs.1001crs at 4%.
Commenting on the results M G George Muthoot, Chairman stated “We are glad to announce that Company could grow its loan portfolio in the last four quarters. Inspite of challenges of slower growth in economy, Company could do well in the quarter with a growth of Rs.1001crs.”
Speaking on the occasion George Alexander Muthoot, Managing Director said “Company’s profit has increased sequentially in the last three quarters. The business is back on track with loan growth consistently in the last four quarters. Company continues to maintain a higher standard asset provisioning of 0.50% against regulatory requirement of 0.25% as a prudent provisioning policy. During the quarter, Company introduced facility for online payment of interest for gold loan customers which has received good response and the number of customers using the facility is increasing day by day. We have activated gold loan business in the subsidiary company in Sri Lanka and we see good potential for growth in that geography. ”
Business Highlights:
About Muthoot Finance Ltd: Muthoot Finance Limited is the largest gold financing company in India in terms of loan portfolio. The company is a “Systemically Important Non-deposit taking NBFC” headquartered in the southern Indian state of Kerala.
Operating history of Muthoot Finance has evolved over a period of 76 years since M George Muthoot (the father of our Promoters) founded a gold loan business in 1939 under the heritage of a trading business established by his father, Ninan Mathai Muthoot, in 1887.
The company provides personal and business loans secured by gold jewellery, or Gold Loans, primarily to individuals who possess gold jewellery but could not access formal credit within a reasonable time, or to whom credit may not be available at all, to meet unanticipated or other short-term liquidity requirements.
Company is listed on both National Stock Exchange and Bombay Stock Exchange. |
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