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Consolidated Loan Assets Under Management increased to Rs.60,896 crores, up by 9% YoY for 9M FY22 Consolidated Profit after Tax increased to Rs.3,025 crores, up by 8% YoY for 9M FY22

Standalone Loan Assets Under Management increased to Rs. 54,688 crores for 9M FY22, up by 9% YoY Standalone Profit after tax increased to Rs.2994 crores for 9M FY22, up by 10% YoY

A meeting of the Board of Directors of Muthoot Finance Ltd. was held today to consider and approve the unaudited standalone and consolidated results for the quarter ended December 31, 2021.

Consolidated Results of Muthoot Finance Ltd

Muthoot Finance Ltd Consolidated Loan Assets under management grew 9% YoY to Rs.60,896 crores as at 9M FY22 as against Rs.55,800 crores last year. Consolidated Profit after tax for 9M FY22 grew 8% YoY to Rs.3,025 crores as against Rs.2,795 crores last year.

Commenting on the results, Mr. George Jacob Muthoot, Chairman stated, “As the country was struggling to recover from the impact of second wave of corona virus pandemic, the third wave hit during the third quarter jolted again the recovery of economic activities to the Pre-covid levels. Despite this condition, our company was able to maintain the consolidated AUM at Rs.60,896crs focusing more on loan recovery. We could register a 9% growth in consolidated AUM when compared to last year at Rs.55,800 crs. Also we could register a 8% growth in consolidated Profit after Tax at Rs.3025crs compared to last year during the nine months. Now with the decline in the covid positivity rates, the overall recovery in economic activity emerging in the country seems optimistic. Hence with the economic growth gradually picking up and consumers realising that gold loans are all-weather loans, we remain optimistic about growth in gold loans. Moreover, considering that there is large household gold jewellery holding in India, there lies huge potential for growth in the gold loan industry for players like us.”

Mr. George Alexander Muthoot, Managing Directorsaid , “As the financial sector continue to be in grip of covid pandemic in the aftermath of second wave and the slowing down on account of the third wave, our focus was on the recovery of loans especially the gold loan segment. Despite the situation, the quarter witnessed 22% increase in disbursements and 38% increase in recoveries in gold loans. During the quarter, we disbursed fresh loans to 3.81lakh new customers amounting to Rs.4,007crs and to 4.98lakh inactive customers amounting to Rs.4,426crs. Further, Company could register a 10% increase in profit after tax at Rs.2,994crs for the nine months ended Dec 31, 2021 and 9% growth in gold loans at Rs.54,215crs as against last Year. As regards our subsidiary, we continue to maintain a cautious stance. The collections across Micro finance, vehicle finance and home loans has improved. Our subsidiaries in microfinance and in Srilanka registered a QoQ growth in their loan portfolios of 14% and 8% respectively. We expect our improved versions of our several digital initiatives like mobile app, POS, online gold loans, loan at home app etc to facilitate our loan growth and will continue to see our focus.”

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