HomeWorld NewsMuthoot Finance reports over 17% drop in Q1 PAT, plans to open 150 branches by Oct

Muthoot Finance reports over 17% drop in Q1 PAT, plans to open 150 branches by Oct

  • August 13, 2022
  • Posted by: Bastion team
  • Category: World News
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India’s largest gold loan NBFC, Muthoot Finance witnessed a dull June 2022 quarterly earnings due to decline in its loan assets during the period. In Q1FY23, the company posted a standalone net profit of ₹802 crore declining by 17.4% from ₹971.2 crore in the same quarter last year. Q1 PAT also dipped by 16.5% from ₹960.3 crore in Q4 of the previous fiscal. Revenue from operations stood at ₹2,503.9 crore in Q1FY23 contracting from ₹2,713.8 crore in Q1FY22 and ₹2,669.9 crore in Q4FY22.

On a consolidated basis, Muthoot reported gold loan assets under the management to the tune of ₹63,444 crore down by 2% from ₹64,494 crore in Q4FY22 but up by 9% against ₹58,135 crore in Q1FY22.

George Jacob Muthoot, Chairman, of Muthoot Group said, “We continue to deliver stellar performance in gold loan space. Though there is a dip in loan assets during the quarter, we have achieved a YoY growth of 9% in loan assets at Rs.63,444 crore. High frequency indicators suggest recovery in economic…

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