Muthoot Finance Q3 profit up 17% to Rs 1,006 cr, revenue rises 16%

The company's active customers crossed five million.
Muthoot Finance has reported a net profit of Rs 1,006.6 crore during the quarter ended December 31, 2020 as compared to Rs 861.04 crore, a year ago. Revenue rose to Rs 3,000.78 crore from Rs 2,588.4 crore, a year ago.

M G George Muthoot, Chairman said that the consolidated loan assets of the Group grew by 28 per cent at Rs 55,800 crore during nine months of 2020-21 as against last year of Rs 43,436 crore. Consolidated profit was up 20 per cent at Rs 2,795 crore during 9MFY21 as against last year of Rs 2,333 crore. 

George Alexander Muthoot, Managing Director, said the company had a remarkable third quarter with several achievements. Company's standalone loan assets of Muthoot Finance has crossed the landmark of Rs 50,000 crore.
The company's active customers crossed five million. Muthooot Finance has achieved a growth of 22 per cet in the gold loan portfolio during the nine months of the current year and likely to end the year with at least 25 per cent growth as against previous year growth of 22 per cent. 

During the quarter, the gold loan portfolio of Muthoot Finance rose by Rs 3,389 crore to Rs 49,622 crore, up 7 per cent sequentially. 

Disbursements for the quarter were focused on new customer additions, fresh loans to active and inactive customers and top-up loans to existing customers. The company  disbursed fresh loans to 388,000 new customers amounting to Rs 2,976 corre and to 438,000lakh inactive customers amounting to Rs 2,960 crore. 

Subsidiaries followed a cautious approach towards lending. Non-gold loan portfolio in subsidiaries constituted 10 per cent of consolidated loan portfolio, he said.

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