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Business EconomyPosted at: Feb 29 2024 6:09PM


Muthoottu Mini Financiers' PAT surges by 42.59 percent YoY in Q3FY24

Bengaluru, Feb 29 (UNI) Muthoottu Mini Financiers, a prominent Non-Banking Financial Company (NBFC) in India, has announced significant growth in its total Assets under Management (AUM), marking an impressive increase of 14.89 percent from the third quarter of the previous fiscal year.

"We are thrilled to report another quarter of exceptional performance, as we have achieved significant growth across key metrics," Mathew Muthoottu, Managing Director, Muthoottu Mini Financiers Managing Director Mathew Muthoottu said.
This growth reflects the escalating demand for gold loans in the market. Additionally, the company achieved a resilient year-on-year revenue growth of 17.18 percent in Q3FY24, he said.

"This growth we are witnessing has also been a result of our decision to expand our network nationwide and tap new markets to provide customers with access to gold loans. We are confident that our strategy and our unwavering commitment to these core values will position us for continued sustainable growth and value creation for our stakeholders," he added.
Muthoottu Mini Financiers also witnessed a significant uptick of 62.18 percent in its Profit before Tax (PBT), reaching Rs 81.77 crores.

Additionally, the company reported a notable 42.59 percent increase in its total Profit after Tax (PAT) amounting to Rs 67.28 crores compared to the previous fiscal year, showcasing robust year-on-year growth
The interest yield increased from 18.34 percent in Q3FY23 to 19.05% in Q3FY24.

In the same time frame, the company saw the Net Interest Margin (NIM) rise from 8.63 percent in Q3FY23 to 9.03 percent in Q3FY24, signifying improved profitability and efficiency in handling interest-focused aspects of the company.
P E Mathai, Chief Executive Officer, Muthoottu Mini Financiers, added, "We are delighted to share these positive Q3FY24 results, which highlight our commitment to financial prudence and customer-centric strategies.
"Despite the challenges in the economic landscape, our sustained growth in revenue, AUM, and profitability underscores the strength and resilience of our business model," he said.
The company's network currently spans an extensive footprint with a total of 903 branches.
In 2023, Muthoottu Mini Financiers announced its aim to reach the milestone of 1,000+ branches across the country by the end of 2024, enabling greater accessibility to its financial services for customers across various regions.
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