The third largest pure-play gold loan financier Muthoot FinCorp has reported a 42.2 per cent jump in consolidated net income at Rs 303.51 crore in the June quarter boosted by record loan demand.
The Thiruvanathapuram-based privately held company which is the flagship of the Muthoout Pappachan group, said its loan disbursement rose a tad over 29 per cent in the reporting quarter to Rs 19,631.06 crore, taking the consolidated loan assets to Rs 39,256.92 crore.
On a standalone basis, net profit soared by 65 per cent on-year to Rs 181.17 crore on the back of strong credit demand, the company said in a statement on Wednesday.
On the other hand, disbursements rose by 37.17 per cent, from Rs 12,573.86 crore to Rs 17,247.81 crore, while loan assets rose by 32 per cent to Rs 24,891.69 crore in the reporting period.
Revenue for the quarter rose by 43.06 per cent to Rs 1,244.22 crore.
“This quarter has been strong, with growth across all our businesses, reflecting our continued dedication to our core objectives,” said Thomas John Muthoot, the group chairman.
“This is the highest ever quarterly loan disbursements, and we are hopeful of continuing the momentum,” Shaji Varghese, the chief executive of the company said.
Muthoot FinCorp, the flagship of the 137-year-old Muthoot Pappachan group has over 3,700 branches across the country. The group, which begun in retail trading, has diversified over the years into financial services, hospitality, auto retail, realty, IT services, healthcare, precious metals, and alternate energy. It employs over 40,000 people across 5,200 branches.