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Muthoot Finance, the non-banking finance company, declared their April-June quarter earnings with a net profit rise by 42.5 percent to Rs 491.55 crore against Rs 344.89 crore secured during the previous year corresponding quarter.
Revenue of the company during the quarter under review rose by 19 percent and stood at Rs 1622.88 crore against Rs 1365.23 crore earned during the previous fiscal year 2017-18.
Net interest income (interest income minus interest expense) increased by 31% to Rs.1103 crores from Rs 845 crores in the previous year same quarter period Net interest margin inclined to 14.68% during the quarter under review, against 12.24% in previous year corresponding quarter.
Muthoot said in a statement, “At present, almost 90% of our portfolio is the gold loan, with the rest coming from housing finance, microfinance, and the Sri Lankan subsidiary. We are planning to bring the gold loan to 85% by the end of this year and to 80 percent during the next year.”
M G George Muthoot, Chairman stated, “We witnessed a strong growth by the Group with Consolidated Loan Assets growing QoQ of 7% reaching the highest level of Rs.34316crs. Gold Loan portfolio also witnessed a strong growth during the quarter with Muthoot Finance loan assets increasing by Rs.1855 crores, a QoQ increase of 6%. Profit After Tax of MFIN increased by 43% at Rs.492 crores as against last year of Rs.345 crores.”
