Muthoot Finance, a leading financial institution, recorded 89.6% profit growth in the first quarter. The company reported a profit of ₹2,046 crore for the quarter ended June 30 — the highest quarterly profit ever for Muthoot Finance.
In the same quarter last year, the net profit stood at ₹1,079 crore.
The company’s net interest income grew by 50.6%, increasing from ₹2,305 crore last year to ₹3,473 crore.
Net interest income is the difference between the interest earned from loans and the interest paid on deposits. The net interest margin rose from 11.51% last year to 12.15%.
Muthoot Finance’s loan assets also recorded growth, reaching ₹1.33 lakh-crore, a 37% increase compared with last year. The average asset per branch stood at ₹23.21 crore.
In the first quarter, loans were disbursed to 4.45 lakh new customers, with total borrowings from these customers amounting to ₹6,335 crore. The gold pledged rose to 209 tonnes.
Muthoot Homefin’s loan assets stood at ₹3,096 crore, while interest income increased by 49% compared with last year.
Muthoot Money Ltd’s revenue grew by 255% in this quarter, while the company’s loan assets rose by 202% to reach ₹5,000 crore. The board meeting of Muthoot Finance decided to invest ₹500 crore in Muthoot Money Ltd and ₹200 crore in Muthoot Homefin (India) Ltd.
Muthoot Finance shares traded at ₹2,510 on the BSE on August 14.