Muthoottu Mini Financiers posts 30.58 per cent growth in FY23 

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Muthoottu Mini Financiers reported strong double-digit year-on-year growth of 30.58 per cent for FY22-23, recording steady incremental growth from FY 2019-2020, a growth of 135 per cent in the last four years.

The Kochi-based company generated total income of Rs. 544.44 crore, with PAT up by 52 per cent, while PBT was Rs. 81.77 crore. Consolidated Assets Under Management (AUM) touched Rs.3,262.78 crore in FY23, compared to Rs.2,498.60 crore in the previous financial year. The company’s asset quality remained strong with net NPA at 0.37 percent, among the best in the industry.

Matthew Muthoottu, Managing Director of Muthoottu Mini Financiers, said: “As we look ahead, we are confident in our ability to capture new market opportunities, diversify our revenue streams, and continue to provide outstanding financial services to our valued customers. Over the coming months, we expect to see exponential growth that will enhance The strong base laid for the company.”

P Maathai, CEO, said, “The growth figures in this financial year bode well with our plans to record significant growth in the future. During FY23-24, we plan to open more than 130 new branches across the country and reach over 1,000 branches. We are also targeting an average AUM of Rs.5 crore per branch to reach our target of Rs.5,000 crore in total assets under management.

Also read: Muthoottu Mini looks at 60% sales growth in this fiscal year at ₹4,000 crore

Muthoottu Mini Financiers has expanded its reach by opening 53 new branches and adding 2 lakh new customers. As a result, the company’s network now extends across 871 branches, allowing greater access to its financial services.