Muthoot Finance FY21 profit rises to ₹3,722 crore

The country's largest gold loan NBFC, Muthoot Finance, on Wednesday reported a net profit of ₹3,722 crore in the fourth quarter of FY 21.

In the previous financial year (2019-20), the gold foreign exchange firm had reported a profit of ₹3,018.30 crore, Muthoot Finance said in a BSE filing.

Muthoot Finance's total revenue from operation stood at 28,238.54 crore in the Q4FY21 against 24,003 crore in the corresponding period last year,

Muthoot Finance reported standalone net profit of ₹995.6 crore for the January-March quarter against ₹815.1 crore in the same quarter last year.

Further, the company's loan assets stood at ₹52,622 crore as of March 31, 2021, against ₹41,611 crore as of March 31.

The company has reported earnings per share (EPS) of ₹25.41 for the period ended March 31, 2021 as compared to ₹20.68 for the period ended March 31, 2020.

The company further informed that it has approved fundraising of ₹5,000 crore by way of public issue of redeemable non-convertible debentures in one or more tranches.

In April the company's board has declared an interim dividend of ₹20 per share for FY 21.

The company also appointed George Jacob Muthoot as the Chairperson of the Board of Directors on Wednesday. The position was vacant after MG George Muthoot passed away on March 5, 2021. George Jacob is MG George's younger brother.

In the BSE filing, MD George Alexander Muthoot said, "We disbursed fresh loans to 3.61 lakh new customers amounting to ₹2,753 crore and to 4.32 lakh inactive customers amounting to ₹2,917 crore".