Muthoot Microfin Q4 net profit nearly doubles to Rs 102 crore

Kolkata: Muthoot Microfin, a part of the Muthoot Pappachan group, said that its net profit for the fourth quarter nearly doubled at Rs 102 crore, backed by robust business growth.

Total income was at Rs 448 crore as compared with Rs 249 crore.

Profit for the full year was Rs 203 crore against Rs 80 crore in the preceding year.


The asset under management for the lender jumped 37% year-on-year to Rs 9200 crore at the end of March.

"The industry is now on a stable footing. Credit cost will be coming down this fiscal," Muthoot Microfin's chief executive officer Sadaf Sayeed told ET.

The asset quality of the lender improved in line with the sectoral trend with its gross non-performing assets ratio falling to 2.9% at the end of the year from 6.3% a year back. It wrote-off bad loans to the tune of Rs 188 crore.


Sayeed said it is comfortably placed in terms of capital with an adequacy ratio at 22% which may be sufficient for this year's growth.