Consolidated Loan Portfolio Rises 24% YoY At Rs 79,493 Crore, Reveal Muthoot Finance Q2 FY24 Results

Muthoot Finance’s consolidated loan assets under management have grown 24 per cent year on year( YoY) to Rs 79,493 crore for H1 FY24, as against Rs 64,356 crore last year.

Gross gold loan advance in H1 FY24 stood at Rs 84,742 crore. Gold loan advance to new customers in H1 FY24 stood at Rs 8,109 crore. Gold loan portfolio growth in H1 FY24 stood at Rs 5,642 crore.

Consolidated loan assets under management increased by Rs 2,694 crore i.e. an increase of 4 per cent quarter on quarter(QoQ). Consolidated profit after tax for H1 FY24 stood at Rs 2,140 crore as against Rs 1,727 crore last year, an increase of 24 per cent YoY.

Consolidated Profit after tax for Q2 FY24 increased by 21 per cent YoY at Rs 1,095 crore as against Rs 901 crore in Q1 FY23. 

Among the subsidiaries, Belstar Microfinance has seen disbursements improving to Rs 4,294 crore in H1 FY24, a growth of 76 per cent YoY.

There was also an increase in Profit After Tax in H1 FY24 at Rs 135 crore as against Rs 35 crore in H1 FY23, a growth of 284 per cent YoY which surpassed the entire profit of the previous year.

Muthoot Homefin’s gross loan AUM stood at Rs 1,616 crore in H1 FY24 as against Rs 1,420 crore in H1 FY23, a growth of 14 per cent YoY. Disbursed Rs 278 crore in H1 FY24 as compared to Rs 105 crore in H1 FY23, a growth of 164 per cent YoY.

Profit after tax stood at Rs 9.09 crore in H1 FY24 as against Rs 3.90 crore in H1 FY23, a growth of about 133 per cent YoY.

Muthoot Insurance Brokers’ profit after tax has increased to Rs 25 crore in H1 FY24 from Rs 16 crore in H1 FY23, a growth of 60 per cent YoY.

Muthoot Money has seen a continuous decline in NPA through physical collections witnessed consistently throughout the year. GNPA decreased to 1.76 per cent in H1 FY24 from 5.63 per cent in H1 FY23.

“The increased profits came from gold loan, microfinance, housing finance as well as insurance broking businesses. We are focusing on maintaining strong leadership in gold loan business and a gradual calibrated growth in non-gold loan business comprising of microfinance, housing finance, vehicle loan , personal loans, business loans, small business loans, loan against property and corporate loans. Over the next five years, we are keen on increasing the proportion of non-gold business to 18% from present 13 per cent,” said  George Jacob Muthoot, Chairman, Muthoot Group.

331 new branches in first half of the year including in subsidiaries, expanding range of financial solutions, enhancing customer engagement, and addressing their diverse financial needs. 

George Alexander Muthoot, Managing Director said, “Our gold loan assets under management  demonstrated strong growth, led by strong demand trends in both urban and semi-urban markets. Gold loan AUM grew 20 per cent YoY and by 9 per cent during the H1 FY24 reaching Rs  67,517 crore. We also witnessed the highest ever gold loan advance to new customers in any first half of a year of Rs 8,109 crore.”