Muthoot Finance's Q2FY22 standalone net profit up 11% YoY

by IANS |

Mumbai, Nov 4 (IANS) Gold loan company Muthoot Finance on Thursday reported a rise of 11 per cent in its Q2FY22 standalone net profit on a year-on-year basis.

It also reported that its loan assets rose to Rs 55,147 crore as compared to Rs 47,016 crore in Q2FY21, registering a growth of 17 per cent on a YoY basis.

Notably, during the quarter, gold loan assets increased by Rs 2,613 crore, which represents an increase of 5 per cent.

The company's consolidated loan AUM stood at Rs 60,919 crore as of end September 2021, clocking a growth of 17 per cent on a YoY basis.

Muthoot Finance Managing Director George Alexander Muthoot said: "The demand environment remains strong and as we enter the festive season, we remain optimistic about growth momentum in gold loan over the second half of FY22. We are optimistic about growing our gold loan book further and maintain 15 per cent growth guidance for FY22."

"We are witnessing improved collections across Micro finance, vehicle finance and home loans. In the last quarter, we had consciously decided to go slow on non-gold lending business, we continue to remain conscious and mon itor the space for emerging opportunities. We will continue to follow the st rategy of balanced growth while maintaining overall asset quality."

Latest News
UN releases $2mn emergency funds for Yemen Sat, Jan 29, 2022, 04:25 PM
African bloc suspends Burkina Faso's membership over coup Sat, Jan 29, 2022, 03:59 PM
Tunisia arrests woman on suspicion of plotting terror attack Sat, Jan 29, 2022, 03:57 PM
Indian wheat shipment for Kabul via Pak may start in Feb Sat, Jan 29, 2022, 03:55 PM
Rocket attack on Baghdad airport aims to isolate Iraq internationally Sat, Jan 29, 2022, 03:52 PM
Germany's Covid figures not as high as predicted Sat, Jan 29, 2022, 03:50 PM
Italy's Covid incidence rate, hospital bed occupancy falling Sat, Jan 29, 2022, 03:49 PM
NGT asks to recover fine from illegal garment units in Chandni Chowk Sat, Jan 29, 2022, 03:37 PM
PMK planning to make a mark in TN urban local body polls Sat, Jan 29, 2022, 03:36 PM
Kerala HC asks actor Dileep, his aides to handover 6 mobiles for probe Sat, Jan 29, 2022, 03:36 PM
Masked men steal cash, gold in J&K's Baramulla Sat, Jan 29, 2022, 03:35 PM
Actor-singer Gippy Grewal barred from entering Pak via Wagah border: Report Sat, Jan 29, 2022, 02:30 PM
Int'l military assistance for Ukraine optimistic: Defence Minister Sat, Jan 29, 2022, 02:25 PM
Russia bans more EU officials from entry Sat, Jan 29, 2022, 02:18 PM
TN should cancel agreement with training centre under cloud: Anbumani Ramadoss Sat, Jan 29, 2022, 02:15 PM