Muthoot Finance Q4 net rises 22% to Rs 1,024 cr

Mortgage property stood at Rs 52,622 crore as on March 31, 2021, as towards Rs 41,611 crore within the year-ago interval. In the course of the quarter, gold mortgage property elevated by Rs 2,304 crore.

NBFC Muthoot Finance on Wednesday reported a 22.5% year-on-year (y-o-y) enhance in its fourth quarter consolidated internet revenue to Rs 1,023.76 crore, largely attributable to good efficiency of the gold mortgage division.

The corporate, which additionally operates residence mortgage, microfinance and insurance coverage broking subsidiaries, mentioned the online revenue of the gold mortgage division rose 24% y-o-y, whereas internet revenue of the non-gold subsidiaries declined 32% to Rs 119 crore from Rs 176 crore within the year-ago interval.

Gold loans below administration reported a quarter-on-quarter progress of 5% throughout This autumn, whereas different loans declined by virtually 9%.

The Kerala-based lender mentioned its consolidated mortgage property below administration elevated 24% year-on-year to the touch Rs 58,280 crore in This autumn.

For the whole FY21, the NBFC reported a 21% y-o-y enhance in its internet revenue to Rs 3,818.87 crore.

The standalone internet revenue of Muthoot Finance elevated 22% y-o-y to the touch Rs 995.66 crore in This autumn. For the whole FY21, it reported a internet revenue of Rs 3,722.17 crore, a rise of 23% in comparison with Rs 3,018 crore in FY20.

Mortgage property stood at Rs 52,622 crore as on March 31, 2021, as towards Rs 41,611 crore within the year-ago interval. In the course of the quarter, gold mortgage property elevated by Rs 2,304 crore.

George Alexander Muthoot, managing director, mentioned, “In the course of the quarter, we disbursed recent loans to three.61 lakh new clients amounting to Rs 2,753 crore and to 4.32 lakh inactive clients amounting to Rs 2,917 crore.”

The long-term credit score scores of Muthoot was upgraded to ‘AA+’ by CRISIL and ICRA .