Muthoot Finance Loan Asset Under Management Grows 25% YoY

Muthoot Finance Consolidated Loan assets under management grew 25 per cent year-on-year (YoY) to Rs 89,079 crores in FY24 as against Rs 71,497 crore last year. During the quarter, Consolidated Loan Assets Under Management increased by 8 per cent. Consolidated Profit after tax increased by 22 per cent YoY to Rs 4,468 crore as against Rs 3,670 crores last year.

George Jacob Muthoot, Chairman said, “The contribution of subsidiaries in the consolidated profit after tax also increased to 10 per cent from 6 per cent last year underlining the resilience of our diversified business model. With a strong focus on Muthoot Finance’s vision to emerge as a diversified financial services group, FY24 was a year of transformation for us."

Muthoot further added that apart from consciously pivoting our efforts towards growing our non-gold loan book, the company also focused on strengthening its digital strategies for a transformative growth across our product portfolio. Despite the various industry hiccups, the company has continued to maintain our position as a leader in the gold loan industry and capitalized on the strong growth opportunities in affordable housing, microfinance, personal loans, small business loans, and vehicle finance.

Muthoot Finance (MFIN), India’s largest gold financing company in terms of loan portfolio, registered profit
after tax of Rs 4,050 crores in FY24 as against Rs 3,474 crores in FY23, an increase of 17 per cent YoY.

Profit after tax for Q4 FY24 increased by 17 per cent YoY at Rs 1,056 crores as against Rs 903 crores in Q4 FY23. Loan AUM stood at Rs 75,827 crores in FY24 as compared to Rs 63,210 crores in FY23, registering a growth of 20 per cent YoY.

During FY24, Gold Loan assets increased by Rs 11,003 crores registering a growth of 18%. During the quarter, Gold Loan assets increased by Rs 3,657 crores an increase of 5 per cent QoQ.