Consolidated assets under management expanded 42% year-on-year, driven largely by gold loans which reached Rs 1.93 lakh crore. On a standalone basis, net profit grew 27% to Rs 2,977 crore, but the gross non-performing asset ratio rose sharply to 3.87% from 2.28% in the previous quarter. Microfinance arm Belstar showed recovery, posting a Rs 144 crore net profit for the first half of the year after recording a loss of Rs 160 crore a year earlier.
Key points
Gold lending continues to drive the company's balance sheet growth, accounting for Rs 1.7…: Gold lending continues to drive the company's balance sheet growth, accounting for Rs 1.79 lakh crore of standalone assets.
Asset quality on a standalone level experienced a sharp quarter-on-quarter increase in no…: Asset quality on a standalone level experienced a sharp quarter-on-quarter increase in non-performing loans.
Belstar Microfinance achieved a turnaround by reversing a year-ago first-half loss while…: Belstar Microfinance achieved a turnaround by reversing a year-ago first-half loss while keeping credit disbursements moderate.
Sources checked by our analysis pipeline: 1
The net profit was Rs 2,412 crore in the year ago period.
On a standalone basis, the company's second quarter net profit stood at Rs 2977 crore, up 27% over Rs 2345 in the year-ago quarter.
Muthoot's consolidated assets under management grew 42% year-on-year to Rs 2.09 lakh crore at the end of September. Out of this, the gold loan stood at Rs 1.93 lakh crore.
Its standalone AUM grew at the same pace to Rs 1.88 lakh crore, of which gold loan was Rs 1.79 lakh crore.
The company's standalone gross non-performing assets ratio jumped to 3.87% at the end of September from 2.28% three months prior.
Muthoot's subsidiary Belstar Microfinance earned a Rs 78 crore net profit for the quarter under review, widening from Rs 66 crore in the first quarter. Its asset quality improved with gross NPA ratio falling to 3.26% from 4.58% a year back.
Its first half net profit stood at Rs 144 crore compared to a loss of Rs 160 crore in the year-ago six month. Its AUM stood at Rs 7,876 crore at…
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