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Business Economy


Muthoot Q1 net profit declines 16 pc

Hyderabad, August 12 (UNI) Muthoot Finance Ltd (MFIN), India’s largest gold financing company, on Friday reported a 16 percent decline in consolidated net profit in Q1FY23 at Rs 825 crore as against Rs 979 crore in the same quarter last fiscal.

Consolidated Loan Assets Under Management grew 9 per cent Y-o-Y to Rs.63,444 crore in Q1FY23 as against Rs.58,135 crore in the same quarter last year, the company said in a release.

Commenting on the results, Mr. George Jacob Muthoot, Chairman, Muthoot Group said, “though there is a dip in loan assets during the quarter, we have achieved a YoY growth of 9 percent in loan assets at Rs.63,444 crore. High frequency indicators suggest recovery in economic activity, with a strong urban demand environment though the rural demand is still reviving."

"The Indian economy has been resilient and we are optimistic about steady demand conditions for gold loans coupled with the huge untapped opportunity in gold loan segment. The RBI approval for opening new 150 branches, coupled with the recent digital initiatives, gold Loan@home service will help us further expand and tap new customers."

He said “The impact of the very low interest rate teaser loans has resulted in lower yields during Q1FY23. The launching of teaser loans was a strategic move taken in Q3 FY 22 and it enabled us to attract a set of new high value customers."

"During the quarter, we focused on migrating such teaser loans to higher rate schemes and we successfully completed this exercise as on June 30, 2022. Hence the decline in loan assets by 2 percent," he said.

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