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Muthoot Finance Ltd Q2 FY 2016 ResultsRetail Loan Assets Under Management at Rs. 24873 crs as at 30th September 2015; Total Income for Q2 FY16 at Rs.1140 crs; PAT for Q2FY16 at Rs.174 crs; Branch Network of 4249 spread across 26 States including Union Territories | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Oct 29, 2015 18:50 IST
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Kochi, Kerala, India Muthoot Finance Ltd, the largest gold financing company in India in terms of loan portfolio, registered increased net profit , at Rs.174crs for the quarter ended September,2015 as against Rs.171crs in the previous year quarter . Retail loans registered an increase of Rs.464crs at 2% during the quarter and Rs.3071crs at 14% during the last 12months.
The Sri Lankan subsidiary ,Asset Asia Finance PLC , has made considerable increase in the lending portfolio. The loan portfolio has grown by 52% as on September 30 , 2015 at LKR 5.4 Billion as against LKR 3.6 Billion in the previous year. The profit after tax for the same period has increased by 40% at LKR 76.8 Million and LKR 55.0 Million respectively. The Company has also announced that it is acquiring 100% equity shares of Muthoot Insurance Brokers Private Limited(MIBPL) ,an entity licensed by IRDA to act as Direct broker since 2013, at a purchase value of Rs.20crs , subject to regulatory approvals. MIBPL is active in the business of selling Life and Health insurance policies.
Commenting on the results M G George Muthoot, Chairman stated “An economy where optimism is yet to become reality , Muthoot Finance could grow its loan portfolio by Rs.464crs during the quarter and deliver good profits. We are rolling out various customer friendly schemes which we hope to bring in new set of customers as well as newer usages for gold loan. Board of Directors is glad to declare an interim dividend of 40% resulting in a payout of Rs.191crs including tax .”
Speaking on the occasion George Alexander Muthoot, Managing Director said “The acquisition of insurance broking business will diversify Company’s business activities. This will enable the Company to meet insurance cover needs of its large customer base. We expect the insurance broking activity to excel by becoming a 100% subsidiary of Muthoot Finance .”
Financial Highlights:
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.
For more information and results table, click here
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