On 21 May, Muthoot FinCorp announced its highest-ever loan disbursements in FY24, reaching Rs 61,703.26 crore on a consolidated basis, marking an 18.6 per cent increase. The company also reported an asset under management (AUM) of Rs 33,359.30 crore and a consolidated net profit of Rs 1,047.98 crore, reflecting a significant 62 per cent rise.
The flagship company of the 137-year-old Muthoot Pappachan Group, Muthoot FinCorp, achieved this milestone amid robust performance. The company highlighted its commitment to serving lower middle-income families, with 81 per cent of customers availing loans below Rs 1 lakh.
On a standalone basis, Muthoot FinCorp recorded a 15 per cent year-on-year increase in disbursements to Rs 50,167.12 crore. The profit after tax (PAT) also rose by 22.40 per cent to Rs 562.81 crore compared to the previous fiscal year.
The company's assets under management (AUM) witnessed a notable growth of 23.26 per cent, reaching Rs 21,712.34 crore. Additionally, its revenue for the March quarter of FY24 surged by 25.59 per cent to Rs 1,197.31 crore compared to the corresponding period in the previous year.
As of 31 March 2024, Muthoot FinCorp boasted a customer base exceeding 42.98 lakh, marking a 14 per cent increase from the previous financial year. CEO Shaji Varghese expressed the company's commitment to financial inclusion and serving the common man's financial well-being, underlining its purpose-driven approach to transforming lives.
