Muthoot Finance News and Updates

Finance company Muthoot Finance announced FY24 results: Highest Ever Consolidated Loan AUM: 25% YoY Increase at Rs 89,079 crore Highest Ever Standalone Loan AUM: 20% YoY Increase at Rs 75,827 crore Highest Ever Consolidated Profit After Tax: 22% YoY Increase at Rs 4,468 crore Highest Ever Standalone Profit After Tax: 17% YoY Increase at Rs 4,050 crore Highest Ever Gross Gold Loan Advance in any Year: Rs 1,65,746 crore Highest Ever Gold Loan Advance to New Customers in any Year: Rs 16,415 crore Increase in Gold Loan AUM: 18% YoY of Rs 11,003 crore All Time High Interest Collection in any Year: Rs 10,984 crore Highest Ever Dividend in any Year: 240% at Rs 24 per Equity Share George Alexander Muthoot, Managing Director said,"We take immense pride in achieving a loan growth of 20% as against a guidance of 15% in FY24. In Q4FY24, the Standalone Loan AUM witnessed a historic high of Rs 75,827 crore, driven by the robust growth in Gold Loan of Rs 3,657 crore. The Standalone Profit after Tax for FY24 increased by 17% YoY at Rs 4,050 crore. This year, we achieved the highest ever Gold Loan advance to new customers of Rs 16,415 crore, reinforcing our position as a trusted partner in the gold loan industry. Complementing our core gold loan business, our non-gold loan offerings continued to gain traction, with our microfinance loans, personal loans, and home loans playing a pivotal role in diversifying our overall loan book. The housing finance arm achieved disbursements of Rs 815 crore in FY24 as against Rs 223 crore in FY 23. The micro finance arm also witnessed upward trend, with increased Loan AUM by 62% YoY reaching Rs 10,023 crore and Profit after Tax by 161% YoY of Rs 340 crore. As part of our transformational journey, in FY24, we also focused on boosting our digital business and tapping new techsavvy millennials and Gen Z customers. Our phygital strategy has yielded positive results with critical infrastructure already in place to move remaining gold and non-gold customers to digital channels who were hitherto transacting in cash. We are confident that the impact of regulatory norm of Rs 20,000 cash disbursal limit on our business and volumes will be limited since it is an industry wide move. In alignment with strict vigilance from regulators on the NBFC industry, we also remain committed to maintaining the highest standards of corporate governance and compliance.” Result PDF

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Muthoot Finance News and Updates

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