Muthoot Finance Q3 profit rises 56% to Rs291 crore
Mumbai: Muthoot Finance Ltd on Monday reported a 56% increase in its net profit for the December quarter.
Net profit for the third quarter rose to Rs291 crore from Rs187 crore in the year ago period. Total income stood at Rs1,346 crore at the end of December quarter, an 18% increase over the year ago period.
“Though disbursements got affected post demonetisation process announced by the government, we could limit its impact since our digital platforms were ready to manage online disbursements and repayments. We are expecting normalcy coming back during the fourth quarter as cash availability has significantly increased,” said M.G.George Muthoot, chairman, Muthoot Finance.
Retail loan assets under management stood at Rs26,962 crore at the end of third quarter, witnessing an 8% increase over the previous year.