KOCHI: Muthoot Finance, the largest gold financing company in India in terms of loan portfolio, said on Thursday that it has recorded a 59.3 percent jump in its net profit at Rs 463.6 crore in the third quarter of FY18 compared to Rs 291.1 crore in the corresponding year-ago period.
Profit for the nine-month period between April and December 2018 stood at Rs 1,269 crore — an increase of 48 per cent against Rs 858 crore in the year-ago period. During the reporting quarter, revenue from operations rose 15.9 per cent to Rs 1,554 crore from Rs 1,341 crore a year ago.
“The consolidated loan book of the group has increased by 10 per cent year-on-year at Rs 30,712 crore continuing with diversification activities,” said chairman M G George Muthoot in a release. The consolidated figure comprises gross loan assets under management of Muthoot Finance and its three subsidiaries involved in lending business. The company’s board of directors also approved dividend of Rs 10 per share, the statement added.
“Muthoot Homefin (India) has grown its loan portfolio by Rs 270 crore for the nine months reaching Rs 1,100 crore. The micro finance subsidiary, which has a strong SHG model increased its loan portfolio by 64 per cent during the nine months reaching Rs 945 crore. The NBFC in Sri Lanka increased its loan portfolio by 13 per cent during the nine months. First-year premium collections in the insurance broking subsidiary increased by 34 per cent at Rs 59 crore,” said MD George Alexander Muthoot.
He conceded there has been an uptick in NPA accounts but said this is mainly on account of more time given to customers for repayment.