India's largest gold financing company in terms of loan portfolio, registered net profit of Rs 975 crore in Q1FY24 as against Rs 802 crore in Q1FY23, an increase of 22% YoY. Loan assets stood at Rs 67,639 crore as compared to Rs 56,689 crore in the same quarter last year, registering a growth of 19% YoY. During the quarter, Loan assets increased by Rs 4,429 crore registering a growth of 7% QoQ.

India's largest gold loan NBFC's consolidated net profit jumped 24.8% to Rs 1,022.07 crore on 25.1% increase in total income to Rs 3,508.70 crore in Q1 FY24 over Q1 FY23.

Muthoot Finance consolidated Loan Assets Under Management (AUM) grew 21% YoY to Rs 76,799 crore in Q1FY24 as against Rs 63,444 crore in the same quarter last year. During the quarter, Consolidated Loan Assets Under Management increased by Rs 5,302 crore which is an increase of 7% QoQ.

George Jacob Muthoot, chairman, The Muthoot Group said, "Muthoot Finance has continued to deliver a strong performance in Q1 FY24 and achieved Consolidated Loan AUM of Rs 76,799 crore, registering a growth of 21% YoY. Consolidated profit after tax grew by 27% YoY and stood at Rs 1,045 crore. We achieved highest ever consolidated loan assets growth in any Q1 of Rs.5302 crore. Our vision is to remain a leader in gold loan business and at the same time cater to our large customer base with various loan products to meet their varied requirements. We continue to forsee improved demand conditions for gold loans, small and personal and business finance loans in the current financial year."

George Alexander Muthoot, managing director, said, “A resilient Indian economy, improved demand conditions, make us optimistic of growing our gold loan book by 10-15% in FY24. With continued focus on loan disbursements and recovery efforts, we are confident of maintaining our NIMs around 11%. Our non-gold loan segments continue to witness improved business environment, and our new products - small business loans and micro-personal loans have reported good traction this quarter."

Muthoot Finance is the flagship company of the Kerala-based business house, The Muthoot Group, which has diversified operations in financial services, healthcare, education and hospitality. It is India's largest gold loan focused NBFC.

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