MUMBAI: Muthoot Finance has posted a net income of Rs 1,196, which was14 per cent higher as compared to last year's Rs 1045 crore.
The Kochi-based financial services company said that it has achieved this growth by giving higher loan sales and by the efficiency of re-collecting interest rates. The company's net sales has surged 28 per cent to Rs 98,048 crore in this quarter. Out of these the gold loan alone surged 23 per cent to Rs 14,883 crore. On a standalone basis, its net profit for the quarter rose 11 per cent to Rs 1,079 crore.
During this quarter, its gross bad loans more than halved to 1.75 per cent from 3.97 per cent and the net bad loans also more than halved to 0.52 per cent from 1.21 per cent.
Commenting on the numbers, the group chairman George Jacob Muthoot said the company has begun FY25 with a strong quarter with consolidated loan assets reaching highest ever level of Rs 98,048 crore and standalone loan assets also reaching the highest-ever level of Rs 84,324 crore.