[ad_1]
The loan assets under management fell by Rs 145 crore q-o-q as the company decided to go slow on non-gold business.
NBFC Muthoot Finance on Friday reported a 14% year-on-year (y-o-y) increase in its first quarter consolidated net profit to Rs 979 crore, largely due to good performance of the gold loan division. Consolidated loan assets under management increased 25% y-o-y to Rs 58,135 crore against Rs 46,501 crore in the year-ago period.
The company, which also operates a home loan, microfinance and insurance broking subsidiaries, said the net profit of the gold loan division increased 16% y-o-y to Rs 971 crore, and the share in the consolidated profit increased to 99%.
On a sequential basis, the total income of the gold loan division decreased by 4% to Rs 2,715 crore and the net profit declined by 3% quarter-on-quarter from Rs 996 crore reported in Q4 FY21. The loan assets under management fell by Rs 145 crore q-o-q as the company decided to go slow on non-gold business.
George Alexander Muthoot, MD, said: “We consciously decided to go slow in terms of non-gold lending business on account of continued uncertainty and emerging uncertain credit behaviour. We are redrawing our strategies in terms of non-gold lending business and we are confident to emerge stronger as environment improves. On the gold loan front, we are targeting 15% growth in the remaining three quarters.”
Loan assets of the gold loan division for the quarter stood at Rs 52,614 crore, compared to Rs 41,296 crore in the year-ago period, growing 27%.
Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.
Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.
Source link
[ad_2]
source https://earn8online.com/index.php/323196/muthoot-finance-reports-14-rise-in-q1-consolidated-net/
No comments:
Post a Comment