KOCHI:
Muthoot Finance Ltd Consolidated Loan Assets under management achieved a YoY increase of 16% at Rs.34316crs as against last year of Rs. 29500crs. During the quarter Consolidated Loan Assets under management increased by 7% of Rs.2157crs.
Muthoot Finance Ltd and its 3 subsidiaries involved in lending business.
Muthoot Finance Ltd (MFIN), the largest gold financing company in India in terms of loan portfolio,registered an increase in net profit of 43%, at Rs. 492crs for Q1FY19 as against Rs.345crs in the previous year. Loan Assets stood at Rs. 30997crs as at June 30, 2018 as against Rs.27857crs as at June 30 ,2017, Y-o-Y growth of 11%. During the quarter, Loan Assets increased by 6% of Rs. 1855crs.
Muthoot Homefin (India) Ltd (MHIL), the wholly owned subsidiary, increased its loan portfolio to Rs.1621crs as against previous year of Rs.596crs, a YoY increase of 172%. During the quarter, loan portfolio increased by Rs.156crs, QoQ growth of 11%. Total revenue for Q1FY19 stood at Rs. 50crs as against previous year total revenue of Rs.19cr. It achieved a net profit of Rs.11crs in Q1FY19 as against previous year profit of Rs.4crs. Its Gross and Net NPA stood at 0.51% and 0.43% as on June 30, 2018.
Belstar Investment and Finance Private Limited (BIFPL) , an RBI registered micro finance NBFC and Subsidiary Company where Muthoot Finance holds 71.16% stake, grew its loan portfolio to Rs. 1236crs as against last year of Rs.665crs, a YoY increase of 86%. During the quarter, loan portfolio increased by Rs.99crs, QoQ growth of 9%. It achieved a profit after tax of Rs.14crs during Q1FY19 as against previous year profit after tax of Rs.5crs. Its Gross and Net NPA stood at 0.83% and 0.45% as on June 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. 49crs during Q1FY19 as against Rs. 16crs in the previous year. It generated a Profit after Tax of Rs.2crs during Q1FY19 as against Rs.1crs in the previous year.
The Sri Lankan subsidiary – Asia Asset Finance PLC. (AAF) where Muthoot Finance holds 60% stake, increased its loan portfolio to Rs.462crs as against last year of Rs.383crs, a YoY increase of 21%. During the quarter, loan portfolio increased by Rs.47crs , QoQ growth of 11%. Total revenue for Q1FY19 stood at Rs.29crs as against previous year total revenue of Rs.25crs . It generated a profit after tax of Rs.0.68crs during Q1FY19 as against previous year profit after tax of Rs.2.39crs .
Commenting on the results M G George Muthoot, Chairman stated, “We witnessed a strong growth by the Group with Consolidated Loan Assets growing QoQ of 7% reaching highest level of Rs.34316crs. Gold Loan portfolio also witnessed a strong growth during the quarter with Muthoot Finance loan assets increasing by Rs.1855crs , a QoQ increase of 6%.Profit After Tax of MFIN increased by 43% at Rs.492crs as against last year of Rs.345crs. ”
Speaking on the occasion George Alexander Muthoot, Managing Director said, “Our subsidiaries achieved YoY loan growth of 102% reaching Rs. 3319crs as against last year of Rs.1644crs . They are contributing 10% of Group Loan assets. We are expecting this contribution to increase to 15% of Group’s assets by the end of the year. Muthoot Homefin (India) Limited has grown its loan portfolio to Rs.1621crs as against previous year of Rs.596crs , a YoY increase of 172%. The micro finance subsidiary which has a strong SHG model increased its loan portfolio to Rs. 1236crs as against last year of Rs.665crs, a YoY increase of 86%. The NBFC in Sri Lanka increased its loan portfolio by 11% during the quarter. First Year Premium collections in the Insurance Broking subsidiary increased by
206% at Rs.49crs. Though we have transitioned to Expected Credit Loss Model on implementation of IND-AS , the NPA under earlier method seen decreased from Rs.2033crs (6.98%) as on March 31,2018 to Rs. 1413crs(4.56%) as on June 30 ,2018 , of which Rs.524crs is due to borrowerwise classification which otherwise could be classified as standard loans. The relevant number under IND–AS, stage 3 assets, is Rs.883crs(2.85%)”
