Muthoot Finance net profit rises marginally for the quarter

KOCHI: The net profit of gold financing major Muthoot Finance Ltd., has recorded a marginal increase of 2 per cent for the quarter ended June 30, 2015 compared with the same quarter a year ago. The net profit increased to Rs 183 crore from Rs 180 crore.

The total income for the quarter stood at Rs 1143 crore , showing 5 per cent rise. The biggest growth was seen in the gold loan outstanding which showed 14 per cent increase to Rs 24,360 crore. The average gold loan per branch saw 15 per cent increase to Rs 5.74 crore and the number of loan accounts rose 16 per cent to 65 lakh during the quarter. The total weight of gold jewellery pledged improved by 19 per cent to 138 tonnes. . According to George Alexander Muthoot, managing director of the company, the company’s profit has increased consecutively in the last three quarters. "The business is back on track with loan growth consistently in the last four quarters,’’ he said.

The company recently introduced a facility for online payment of interest for gold loan customers which has received encouraging response, he added.