Muthoot Finance net profit rises 4% at Rs 1,044 cr in December quarter

Muthoot Finance on Saturday reported a rise of 4 per cent in its consolidated net profit at Rs 1,043.60 crore in the quarter ended December 2021.

The Company's net profit stood at Rs 1,006.60 crore in the corresponding quarter a year ago.

Total income during October-December 2021-22 rose by 5 per cent to Rs 3,168.10 crore, as against Rs 3,016.40 crore in the same period of 2020-21, Muthoot Finance said in a regulatory filing.

Interest income during the quarter was up by 5 per cent from a year ago at Rs 3,086.70 crore.

India's largest gold financing company, by loan portfolio, said rural India accounts for about 65 per cent of total gold stock in the country, and the large portion of the rural population had limited access to credit.

The gross loan assets under management as of December 31, 2021 stood at Rs 54,687.60 crore. Of this, the gold loans under management were worth Rs 54,214.90 crore. The rest of Rs 472.70 crore was comprised of other loans.

The consolidated results of the Muthoot group include financial results of subsidiaries -- Muthoot Homefin (India), Belstar Microfinance, Muthoot Insurance Brokers, Muthoot Asset Management Pvt Ltd, Muthoot Trustee Pvt Ltd, Muthoot Money and Asia Asset Finance PLC, Srilanka.