Muthoot Finance Q4 net profit up 22% at Rs 996 cr
Muthoot Finance Ltd (MFIN) on Wednesday posted a 22 per cent rise in standalone profit after tax at Rs 996 crore for the three months to March 2021.
The Gold loan finance company had reported a standalone profit after tax of Rs 815 crore in the year-ago period. For the full year, the standalone net profit grew by 23 per cent to Rs 3,722 crore as compared to Rs 3,018 crore in FY20.
“We have seen good business growth during the last year, especially in the second and the third quarters. After the pandemic, there was a lot of demand for gold loans. “Everybody wanted to restart their business and wanted quick funding, which is why the demand for gold loans grew,” its Managing Director George Alexander Muthoot said.
The lender was able to grow its asset under management (AUM) in the gold loan segment by 27 per cent in FY21 compared to a growth of 22 per cent in the previous year. Gold loans under management stood at Rs 51,926.6 crore as of end-March 2021. During the fourth quarter of FY21, gold loan assets increased by Rs 2,304 crore.
Consolidated profit after tax increased by 21 per cent at Rs 3,819 crore in FY21 as against last year’s figure of Rs 3,169 crore.