Muthoot Finance Q1 results: Net profit jumps 59% to Rs 841 cr

Kolkata: Muthoot Finance, one of the leading gold loan companies, reported a 59% rise in net profit at Rs 841 crore in the June quarter as against Rs 530 crore in the year ago period even as disbursement slowed in the first quarter due to lockdown.

Its loan outstanding however grew 15% year-on-year to Rs 41,296 crore compared with Rs 35,816 crore a year back.

"To ensure business continuity during lockdown we upscaled our digital platforms. We recorded four-fold jump in digital loan disbursal since then,' chairman MG George Muthoot said.


On a consolidated basis, the group's net profit rose 52% at Rs 858 crore over Rs 563 crore over the same period.

Its wholly owned subsidiary Muthoot Homefin (India) saw a tad dip in loan portfolio to Rs 1,979 crore as against previous year's Rs 1,988 crore while Belstar Microfinance wherein Muthoot holds 70% stake, grew its loan portfolio 33% year-on-year to Rs 2,575 crore.