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Muthoot Finance FY21 profit rises 23% to Rs 3,722 cr; loan assets up 26%

Muthoot reported Rs 995.6 crore net profit for the January-March quarter, around 22.1 per cent growth compared to Rs 815.1 crore in the same quarter last year

The company's loan assets stood at Rs 52,622 crore as of March 31, 2021 The company's loan assets stood at Rs 52,622 crore as of March 31, 2021

Muthoot Finance, which is the largest gold financing company in India in terms of the loan portfolio, recorded a 23 per cent rise in net profit for FY21 at Rs 3,722 crore against Rs 3,018 crore in the previous year.

The company's loan assets stood at Rs 52,622 crore as of March 31, 2021, against Rs 41,611 crore as of March 31, recording 26 per cent growth on a YoY basis.

Muthoot reported Rs 995.6 crore net profit for the January-March quarter, around 22.1 per cent growth compared to Rs 815.1 crore in the same quarter last year.

The net interest income for Q4 stands at Rs 1,829.5 crore, a growth of 15.7 per cent on a YoY basis. The company's Q4 FY20 net interest income stood at Rs 1,580.6 crore. During the quarter, the gold loan assets rose by Rs 2,304 crore.

Also read: Muthoot Homefin plans to disburse Rs 700 crore home loans in FY22

Chairman George Jacob Muthoot said as the company completes the 10 years of public listing of equity shares through IPO, it has crossed several landmarks.

The company has also declared a dividend of Rs 20 per share for the financial year 2020-21 with a total payout of Rs 802 crore in April 2021.

MD George Alexander Muthoot said during the quarter, the gold loan portfolio of  Muthoot Finance rose Rs 2,304 crore to Rs 51,927 crore. "We disbursed fresh loans to 3.61 lakh new customers amounting to Rs 2,753 crore and to 4.32 lakh inactive customers amounting to Rs 2,917 crore."

Besides, Muthoot Homefin Ltd (MHIL), a wholly-owned subsidiary, recorded a net profit of Rs 13 crore in FY21 against the previous year profit of Rs 32 crore.

The company also appointed George Jacob Muthoot as the chairperson of the Board of Directors, a position left behind by late MG George Muthoot due to his death on March 5, 2021. George Jacob is MG George's younger brother.

Muthoot Finance Ltd stock has currently risen 7.73 per cent to Rs 1,410.1 compared to the previous session close of Rs 1,308.9 on the National Stock Exchange.

Also read: Muthoot Finance to acquire IDBI Bank's MF business for Rs 215 crore