KOCHI: Muthoot Finance, the largest gold loan company in India on Wednesday reported a 51 per cent jump in its consolidated net profit to Rs3,169 crore for fiscal year 2020, whereas its loan assets under management rose 22 per cent to Rs46,871 crore.
At the same time, the standlone net profit reported 53 per cent increase to Rs 3,018 crore for FY20 compared with Rs1,972 crore the company posted for the previous ear. The standalone loan assets too grew 22 per cent, to Rs41,611crore.
The company’s wholly-owned subsidiary Muthoot Homefin India Ltd increased its loan portfolio by four per cent to Rs1,977 crore as against Rs1,908 crore in FY19. Total revenue for FY20 stood at Rs288 crore as against Rs226 crore in the previous year.
Muthoot Homefin made a net profit of Rs32 crore in FY20 as against FY19’s profit of Rs36 crore. “Disbursements and collections have normalised and we are expecting an increase in disbursement once the movement of people increases and economic activity level picks up,” said Managing Director George Alexander Muthoot.
“We are looking to grow gold loan business by about 15 per cent for this year,” he added in a statement.