Muthoot Finance Ltd (MFIN), the largest gold financing company in India in terms of loan portfolio, registered an increase in net profit of 23%, at Rs.975 crs for H1FY19 as against Rs.791 crs in the previous year.
Loan Assets stood at Rs. 32319 crs as at September 30, 2018 as against Rs. 27613 crs as at September 30 ,2017, Y-o-Y growth of 17%. During the quarter , Loan Assets increased by 4% of Rs. 1322 crs. Muthoot Homefin (India) Ltd (MHIL), the wholly owned subsidiary, increased its loan portfolio to Rs.1775 crs as against previous year of Rs.830 crs, a YoY increase of 114%.
During the quarter, loan portfolio increased by Rs.154 crs, QoQ growth of 9.50%. Total revenue for Q2FY19 & H1 FY 19 stood at Rs. 56 crs & 106 crs as against previous year total revenue of Rs.26 crs & Rs.45 crs. It achieved a net profit of Rs.10 crs & Rs.21 crs in Q2 FY19 & H1 FY19 as against previous year profit of Rs.5 crs & Rs.8 crs.
Its Gross and Net NPA stood at 0.78% and 0.63% as on September 30,2018. Belstar Investment and Finance Private Limited (BIFPL) , an RBI registered micro finance NBFC and Subsidiary Company where Muthoot Finance holds 65.89% stake, grewits loan portfolio to Rs.1381crs as against last year of Rs.797 crs, a YoY increase of 73%. During the quarter, loan portfolio increased by Rs.145 crs , QoQ growth of 12%. It achieved a profit after tax of Rs.17 crs & Rs.31crs during Q2FY19 & H1 FY19 as against previous year profit after tax of Rs.2 crs & Rs.4crs.
Its Gross and Net NPA stood at 0.88% and 0.44% as on September 30, 2018. Muthoot Insurance Brokers Pvt Limited (MIBPL), an IRDA registered Direct Broker in insurance products and a wholly owned subsidiary company generated a First year premium collection amounting to Rs.67 crs & Rs.116 crs during Q2 FY19 & H1 FY19 as against Rs.22 crs & Rs.37crs in the previous year. It generated a Profit after Tax of Rs.4 crs & Rs.6crs during Q2FY19 & H1 FY19 as against Rs.2 crs & Rs.3crs in the previous year.
The Sri Lankan subsidiary – Asia Asset Finance PLC. (AAF) where Muthoot Finance holds 60%stake, increased its loan portfolio to LKR 1124 crs as against last year of LKR 949 crs, a YoY increase of 18%. During the quarter , loan portfolio increased by LKR 56 crs , QoQ growth of 5%.
Total revenue for Q2FY19 & H1FY19 stood at LKR 69 crs & LKR 138 as against previous year total revenue of LKR 64 CRS & LKR 123 crs. It generated a profit after tax of LKR 2 crs & LKR 4crsduring Q2FY19 & H1 FY 19 as against previous year profit after tax of LKR 4 crs & LKR 10 crs.
Commenting on the results M G George Muthoot, Chairman stated, “We witnessed a strong growth with Consolidated Loan Assets growingYoY of 21% reaching Rs.35956 crs as on September 30,2018. Gold Loan portfolio also witnessed a strong growth during the quarter with Muthoot Finance loan assets increasing by Rs.1322 crs, a QoQ increase of 4%.
Profit After Tax of MFIN increased by 23% at Rs.975 crs for the half year as against last year of Rs.791 crs. Under IND–AS, stage 3 assets, ie., loans beyond 90days DPD, declined further and stood at Rs.617 crs (1.91% of Loan Assets) on September 30 , 2018 as against Rs.1287 crs (4.42% of Loan Assets) as on March 31 ,2018.”
Speaking on the occasion George Alexander Muthoot, Managing Director said, “Our subsidiaries achieved YoY loan growth of 79% reaching Rs. 3637 crs as against last year of Rs.2033 crs . They are contributing 10% of Group Loan assets.Muthoot Homefin (India) Limited has grown its loan portfolio to Rs.1775 crs as against previous year of Rs.830 crs, a YoY increase of 114%.
The micro finance subsidiary which has a strong SHG model increased its loan portfolio to Rs. 1381 crs as against last year of Rs.797 crs, a YoY increase of 73%. The NBFC in Sri Lanka increased its loan portfolio by 5% during the quarter. First Year Premium collections in the Insurance Broking subsidiary increased by 205%at Rs.67 crs during the quarter as against previous year.”
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