This press release from Muthoot Finance provides an overview of the company’s unaudited financial results for the quarter and half-year ending September 30, 2023. Here are the key points:
Financial Highlights:
- Consolidated Loan Portfolio: Increased by 24% YoY to ₹79,493 Crores.
- Gross Gold Loan Advance: Reached ₹84,742 Crores, the highest ever in any first half of a year.
- Gold Loan Portfolio Growth: Achieved the highest ever growth of ₹5,642 Crores in the first half of a year.
- Interest Collection: All-time high at ₹5,447 Crores for any half-year.
- Consolidated Profit After Tax: Increased by 24% YoY to ₹2,140 Crores.
- Standalone Profit After Tax: Rose by 18% YoY to ₹1,966 Crores.
Subsidiaries:
- Belstar Microfinance Ltd: Showed a substantial increase in loan portfolio, loan disbursement, and profit after tax.
- Muthoot Homefin (India) Ltd: Achieved growth in gross loan AUM, loan disbursement, and profit after tax.
- Muthoot Insurance Brokers Pvt Ltd: Recorded significant increases in total revenue and profit after tax.
- Asia Asset Finance PLC, Sri Lanka: Demonstrated growth in total revenue and profit after tax.
Other Key Highlights:
- Branch Expansion: The group opened 331 new branches in H1FY24.
- Public Issue: Raised ₹700 Crores through the 32nd Public Issue of Secured Redeemable Non-Convertible Debentures.
- Digital Transactions: Nearly 39% of customer transactions now occur via digital channels.
Management Statements:
- George Jacob Muthoot, Chairman: Emphasizes the growth in consolidated loan AUM and profit, highlighting strong performance in gold loan, microfinance, housing finance, and insurance broking businesses.
- George Alexander Muthoot, Managing Director: Stresses the strong growth in gold loan assets, strategic focus on disbursements, operational efficiency, and margins.