Muthoot Finance Q4 profit rises 11% for FY19

Earnings7-Getty-1200Kochi: Major gold finance company Muthoot FinanceNSE 4.52 % Ltd (MFIN) recorded 11% increase in net profit year-on-year for FY19 at Rs 1972 crore . The loan assets for the year stood at Rs 34246 crore, 18% rise over previous year.

The total income grew by 9% to Rs 6881 crore and the gold loan outstanding touched Rs 33585 crore showing a 16% rise.

The consolidated net profit of the Muthoot group comprising MFIN and its subsidiaries went up 14% year-on-year to Rs 2103 crore. The consolidated loan assets increased 20% to Rs 38 304 crore.

“Muthoot Finance paid an interim dividend of 120% of Rs 12 per share for FY 19. The company also made public issue of debentures focusing on retail investors raising Rs 709 crore,’’ said M G George Muthoot, chairman of the group.

The subsidiaries, Muthoot Homefin (India) Ltd, Belstar Investment and Finance Pvt. Ltd., Muthoot Insurance Brokers Pvt. Ltd., Muthoot Money Pvt. Ltd. and the Sri Lankan subsidiary Asia Asset Finance PLC have also improved their performance.

“Our subsidiaries achieved year-on-year growth of 51% reaching Rs 4558 crore for FY19, They are contributing 12% of group loan assets,’’ said George Alexander Muthoot, MD of Muthoot Finance Ltd.

Muthoot Homefin (India) Ltd. grew its loan portfolio by 31% to Rs 1908 crore. The micro finance subsidiary Belstar Investment and finance Private Ltd. increased its loan portfolio by 62% to Rs 1842 crore, while the Sri Lankan subsidiary raised its loan portfolio by 26% to Rs 1257 crore.