Muthoot Finance Consolidated Loan Assets Under Management Increased by 21%

KOCHI:
Muthoot Finance Ltd’s Consolidated Loan Assets under management achieved a YoY increase of 21% at Rs.43436crs as against last year of Rs.35939crs for 9M FY20. Consolidated Profit after tax achieved a YOY increase of 49% of Rs.2321crs as against last year of Rs.1554crs.

Standalone Results of Muthoot Finance Ltd and its subsidiaries
Muthoot Finance Ltd (MFIN), the largest gold financing company in India in terms of loan portfolio, registered an increase in net profit of 50%, at Rs.2191crs for 9M FY20 as against Rs.1461crs in the previous year. Loan Assets stood at Rs.38498crs as at December 31, 2019 as against Rs.32470crs as at December 31, 2018, Y-o-Y growth of 19%. During the quarter, gold loan assets increased by Rs. 2783crs.

Muthoot Homefin (India) Ltd (MHIL), the wholly owned subsidiary, increased its loan portfolio to Rs.2025crs as against previous year of Rs.1835crs, a YoY increase of 10%. Total revenue for Q3 FY20 & 9M FY20 stood at Rs.88crs & Rs.240crs as against previous year total revenue of Rs.57crs & Rs.161crs. It achieved a profit after tax of Rs.11crs & Rs.31crs in Q3 FY20 & 9M FY20 as against previous year profit of Rs.9crs & Rs.30crs. Its Stage III Asset on Gross Loan Asset % as on December 31, 2019 stood at 1.87%.

Belstar Microfinance Limited (BML) , an RBI registered micro finance NBFC and Subsidiary Company where Muthoot Finance holds 70.01% stake, grew its loan portfolio to Rs.2285crs as against last year of Rs.1563crs, a YoY increase of 46%. During Q3 FY20, loan portfolio increased by Rs.178crs. It achieved a profit after tax of Rs.26crs & Rs.77crs in Q3 FY20 & 9M FY20 as against previous year profit after tax of Rs.24crs & Rs.53crs. Its Stage III Asset on Gross Loan Asset % as on December 31, 2019 stood at 1.13%.

Muthoot Insurance Brokers Pvt Limited (MIBPL), an IRDA registered Direct Broker in insurance products and a wholly owned subsidiary company generated a total premium collection amounting to Rs.85crs & Rs.217crs in Q3 FY20 & 9M FY20 as against Rs.62crs & Rs.179crs in the previous year. It generated a Profit after Tax of Rs.5crs & Rs.12crs in Q3 FY20 & 9M FY20 as against Rs.4crs & Rs.10crs in the previous year.

The Sri Lankan subsidiary – Asia Asset Finance PLC. (AAF) where Muthoot Finance holds 72.92% stake, increased its loan portfolio to LKR 1301crs as against last year of LKR 1163crs, a YoY increase of 12%. Total revenue for Q3 FY20 & 9M FY20 stood at LKR 86crs & LKR 252crs as against previous year total revenue of LKR 71crs & LKR 209crs. It generated a profit after tax of LKR 4crs & LKR 9crs in Q3 FY20 & 9M FY20 as against previous year profit after tax of LKR 3crs & LKR 7crs.

Muthoot Money Ltd (MML), became a wholly owned subsidiary of Muthoot Finance Ltd in October 2018. MML is a RBI registered Non- Banking Finance Company engaged mainly in extending loans for vehicles. The operations are now centered in Hyderabad. Recently, Company has started extending loans for Commercial Vehicles and Equipments. During Q3 FY20, it has increased its loan portfolio to Rs.492crs. During Q3 FY20, loan portfolio increased by Rs.65crs. Total revenue for Q3 FY20 & 9M FY20 stood at Rs.18crs & Rs.49crs.

Commenting on the results M G George Muthoot, Chairman stated, “We are glad to announce that consolidated loan assets of the Group grew by 21% at Rs.43436crs during 9M FY20 as against last year of Rs.35939crs. Consolidated Profit increased by 49% at Rs.2321crs during 9M FY20 as against last year of Rs.1554crs. During the quarter, gold loan portfolio of Muthoot Finance increased by Rs.2783crs to Rs.37724crs. Standalone profit of Muthoot Finance for the 9 months ended December 31, 2019 increased by 50% at Rs.2191crs.”