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Muthoot Finance Ltd FY 2015 ResultsRetail Loan Assets Under Management at Rs. 23408 crs as at 31st March 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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May 06, 2015 10:15 IST
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Kochi, Kerala, India - Total Income for FY15 at Rs. 4325 crs - PAT for FY15 at Rs 671crs - Branch Network of 4245 spread across 26 States including Union Territories
Muthoot Finance Ltd, the largest gold financing company in India in terms of loan portfolio, registered a net profit of Rs. 165 crores for the quarter ended March 31, 2015 and Rs.671crs for the year ended as of same date. Board has also decided its entry into housing loan business by investing upto Rs.50crs in Muthoot Homefin (India) Ltd , a registered housing finance company with National Housing Bank (NHB), making it a subsidiary, subject to any regulatory approvals if any .
Commenting on the results M G George Muthoot, Chairman stated “Despite sluggishness in the economy, Company could do well in the last quarter of fiscal 2015 by growing the loan portfolio by Rs.1320crs. We expect the growth momentum to continue in the new fiscal. ”
Speaking on the occasion George Alexander Muthoot, Managing Director said “Companys profit for the whole year of Rs. 671crs is a significant achievement considering the adversities it went through. Sequentially, net profit has increased during the quarter by 7%. The business is back on track with loan growth consistently in the last three quarters. Profits for the full year were also impacted due to higher depreciation provision necessitated by the new Companies Act. As a prudent provisioning policy, Company is maintaining a higher standard asset provisioning of 0.50% against regulatory requirement of 0.25%. Company has already paid interim dividend of 40% and has recommended final dividend of 20% aggregating to 60% dividend for the full year.”
Business Highlights:
About Muthoot Finance Ltd: Muthoot Finance Limited is the largest gold financing company in India in terms of loan portfolio. The company is a “Systemically Important Non-deposit taking NBFC” headquartered in the southern Indian state of Kerala.
Operating history of Muthoot Finance has evolved over a period of 76 years since M George Muthoot (the father of our Promoters) founded a gold loan business in 1939 under the heritage of a trading business established by his father, Ninan Mathai Muthoot, in 1887.
The company provides personal and business loans secured by gold jewellery, or Gold Loans, primarily to individuals who possess gold jewellery but could not access formal credit within a reasonable time, or to whom credit may not be available at all, to meet unanticipated or other short-term liquidity requirements.
Company is listed on both National Stock Exchange and Bombay Stock Exchange.
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