Muthoot Finance Q4 profit rises 17% to Rs1,056 crore

Loan assets under management increased 20% to Rs75,827 crore for FY24

Kochi: Muthoot Finance’s standalone profit rose 17 per cent to Rs1,056 crore ($127 million) in the fourth quarter of 2024 fiscal year, boosted by strong loan demand amid rising bullion prices

Its interest income rose around 20 per cent to Rs3,358 crore.

Muthoot’s standalone loan assets under management increased 20 per cent to Rs75,827 crore for the year ended March 31.

The company’s financing costs rose nearly 30 per cent during the quarter under reviw.

 Muthoot’s infrastructure was already in place to move its remaining cash-transacting customers to digital channels, Managing Director George Alexander Muthoot said in a statement.

Earlier this month, the Reserve Bank of India had warned some non-bank lenders against disbursing cash loans in excess of the permissible limit of 20,000 rupees