Muthoot Finance standalone net profit up by 23% at INR 975 crore

muthoot logo

Consolidated Loan Assets Under Management increase by 21% YoY at INR 35956cr as on September 30th , 2018

Muthoot Finance Ltd Consolidated Loan Assets under management achieved a YoY increase of 21% at Rs.35956 crs as against last year of Rs. 29646crs. During the quarter Consolidated Loan Assets under management increased by 5% of Rs.1642 crs.

*Muthoot Finance Ltd and its 3 subsidiaries involved in lending business.
*Muthoot Finance Ltd and its 3 subsidiaries involved in lending business.

Muthoot Finance Ltd (MFIN), the largest gold financing company in India in terms of loan portfolio, registered an increase in net profit of 23%, at Rs.975 crs for H1FY19 as against Rs.791crs in the previous year. Loan Assets stood at Rs. 32319crs as at September 30, 2018 as against Rs. 27613crs as at September 30 ,2017, Y-o-Y growth of 17%. During the quarter , Loan Assets increased by 4% of Rs. 1322crs.

Muthoot Homefin (India) Ltd (MHIL) , the wholly owned subsidiary , increased its loan portfolio to Rs.1775crs as against previous year of Rs.830crs , a YoY increase of 114%. During the quarter , loan portfolio increased by Rs.154crs , QoQ growth of 9.50%. Total revenue for Q2FY19 & H1 FY 19 stood at Rs. 56crs & 106crs as against previous year total revenue of Rs.26crs & Rs.45crs. It achieved a net profit of Rs.10crs & Rs.21crs in Q2 FY19 & H1 FY19 as against previous year profit of Rs.5crs & Rs.8crs. Its Gross and Net NPA stood at 0.78% and 0.63% as on September 30,2018.

M/s. Belstar Investment and Finance Private Limited (BIFPL) , an RBI registered micro finance NBFC and Subsidiary Company where Muthoot Finance holds 65.89% stake, grew its loan portfolio to Rs.1381crs as against last year of Rs.797crs, a YoY increase of 73%. During the quarter , loan portfolio increased by Rs.145crs , QoQ growth of 12%. It achieved a profit after tax of Rs.17crs & Rs.31crs during Q2 FY19 & H1 FY19 as against previous year profit after tax of Rs.2crs & Rs.4crs. Its Gross and Net NPA stood at 0.88% and 0.44% as on September 30,2018.

Muthoot Insurance Brokers Pvt Limited (MIBPL), an IRDA registered Direct Broker in insurance products and a wholly owned subsidiary company generated a First year premium collection amounting to Rs.67crs & Rs.116crs during Q2 FY19 & H1 FY19 as against Rs.22crs & Rs.37crs in the previous year. It generated a Profit after Tax of Rs.4crs & Rs.6crs during Q2 FY19 & H1 FY19 as against Rs.2crs & Rs.3crs in the previous year.

The Sri Lankan subsidiary – Asia Asset Finance PLC. (AAF) where Muthoot Finance holds 60% stake, increased its loan portfolio to LKR 1124crs as against last year of LKR 949crs, a YoY increase of 18%. During the quarter , loan portfolio increased by LKR 56crs , QoQ growth of 5%. Total revenue for Q2 FY19 & H1 FY19 stood at LKR 69crs & LKR 138 as against previous year total revenue of LKR 64CRS & LKR 123crs. It generated a profit after tax of LKR 2crs & LKR 4crs during Q2 FY19 & H1 FY 19as against previous year profit after tax of LKR 4crs & LKR 10crs.

Commenting on the results M G George Muthoot, Chairman stated, “We witnessed a strong growth with Consolidated Loan Assets growing YoY of 21% reaching Rs.35956crs as on September 30 ,2018. Gold Loan portfolio also witnessed a strong growth during the quarter with Muthoot Finance loan assets increasing by Rs.1322crs, a QoQ increase of 4%. Profit After Tax of MFIN increased by 23% at Rs.975crs for the half year as against last year of Rs.791crs. Under IND–AS, stage 3 assets, ie., loans beyond 90days DPD , declined further and stood at Rs.617crs(1.91% of Loan Assets) on September 30 , 2018 as against Rs.1287crs(4.42% of Loan Assets) as on March 31 ,2018.”

Speaking on the occasion George Alexander Muthoot, Managing Director said, “Our subsidiaries achieved YoY loan growth of 79% reaching Rs. 3637crs as against last year of Rs.2033crs . They are contributing 10% of Group Loan assets. Muthoot Homefin (India) Limited has grown its loan portfolio to Rs.1775crs as against previous year of Rs.830crs , a YoY increase of 114%. The micro finance subsidiary which has a strong SHG model increased its loan portfolio to Rs. 1381crs as against last year of Rs.797crs, a YoY increase of 73%. The NBFC in Sri Lanka increased its loan portfolio by 5% during the quarter. First Year Premium collections in the Insurance Broking subsidiary increased by 205% at Rs.67crs during the quarter as against previous year.”

Financial-Highlights

Financial-Highlights

Business Highlights (MFIN):Business Highlights (MFIN):

NewsBarons is now active on WhatsApp. To receive news and updates on your handset, please click here and press send to subscribe.

Latika Bhargava
Latika Bhargava successfully manages the dual responsibility of news and website management at Newsbarons. Latika prides herself at her expertise on social media planning and management. An entrepreneur at heart, Latika is a quick learner, analytical and enjoys reading on technology innovation.
latika@newsbarons.com
banner4