Bengaluru: Muthoot Finance Ltd, India`s #1 gold loan company, has plans to expand its gold loan portfolio in the state of Karnataka. Currently the company has 549 branches in Karnataka with 262 number of branches in Bengaluru.
Mr. George. M. Alexander, Executive Director, Muthoot Finance said, “We are delighted to announce that in Karnataka our gold loan assets under management (AUM) has increased by 17.5% to Rs.4837 cr in Q3FY20 from Rs.4120 cr in FY19. The gold loan business increased by Rs.717 crs as on Q3FY20 from FY19.
He further added, “Through our 549 branches, we serve on an average 23,100 customers on daily basis. The average gold loan advances stands at Rs.1150 cr per month. Our 3130 employee base services 5.3 lakh active customers in the state.”
The aggressive gold loan growth expansion plans will aid in growing the gold loan book and also generate more employment in the state. Already the company opened nearly 12 branches in Karnataka this Financial Year and plan to open 5 to 8 branches on or before 31.03.2020 in Karnataka.
Muthoot Finance reported 66% YoY increase in the consolidated net profit to Rs.803 cr in Q3FY20 from Rs.485 cr in Q3FY19. The gold loan portfolio registered an increase in net profit of 50% YoY increase to Rs.2,191 cr during 9MFY20 from Rs 1,717 cr in 9MFY19. Total AUM of the company increased by 21% YoY at Rs.43,436crs for 9MFY20.
Muthoot Finance has a pan-India presence and has delivered consistent growth in business and profitability over years. The company enjoys trust of over 12 Million customers.
The Muthoot Group has 18 diversified divisions and 4500 plus branches with global presence. Over 2,53,000 customers visit The Muthoot Group branches every day. The Group has served over 48 crore customers (including repeat customers) till date. The story of The Muthoot Group is built on the foundations of passion, commitment, honesty, traditions and values.
