Muthoot Finance post ₹3,474 crore net profit in FY23

NBFC Gold Loan Mathoot Finance Limited. It recorded a net profit of Rs.3474 crore in FY23 as against Rs.3954 crore in FY22. The net profit in Q4 was Rs.903 crore as against Rs.960 crore in Q4 FY22.

Loan assets amounted to ₹63,210 crore as compared to ₹58,053 crore last year, registering a growth of 9 per cent. Gold loan assets amounted to Rs.61,875 crore compared to Rs.57,531 crore last year, registering a growth of 8%. During the fourth quarter of FY23, loan assets grew by Rs.5,479 crore.

the Consolidated loan asset management growth 11% YoY to ₹71,497 crore in FY23, compared to ₹64,494 crore last year. During the quarter, consolidated loan assets under management increased 10%. Consolidated profit after tax increased by 8 per cent to Rs.1,009 crore as against Rs.934 crore in the last quarter.

“Highest Gold Loan Assets Ever”

George Alexander Mathout, Managing Director, said, “Gold loan asset growth during Q4 FY23 of Rs.5,479 crore was the highest ever in any Q4. Expenses also reached a historic high of Rs.51,850 crore. Tax flat for the quarter at Rs 903 crore The increase in Phase 3 assets is just a facility given to customers for a few more months on the back of collateral appreciation, we do not envisage any loss due to the extended time We have entered into new lending products like Small Business Loans as well as Small Personal Loans We intend to achieve measured growth in these new products in FY24 We are also seeing revival in payments from subsidiaries Microfinance achieved loan growth of Rs 1,827 crore Housing finance business achieved loan growth of Rs 28 crore Business achieved Vehicle Finance payables of ₹24 crore in the fourth quarter of FY23 as opposed to ₹20 crore during ₹9 million of FY23″.

George Jacob Muthot, Chairman of the Board said, “Our vision is to remain a leader in the field of gold loans while at the same time catering to the needs of a large customer base with diversified loan products to meet their diverse requirements. In the process, we expect to increase the loan book by 10-15 per cent. cent during FY24. We continue to participate in various social projects and spent ₹96 crore under CSR during FY23. We continue to share the profits made during the year with our shareholders by paying interim dividend of 220 per cent (Rs. 22 per share of Rs 10 per share), which involved a total payment of INR 883 crore.”