Muthoot Finance profit surges 135% to ₹3,397cr on gold loans
Business
Muthoot Finance just posted a huge 135% jump in profit for the last quarter, hitting ₹3,397 crore, thanks mostly to more people taking gold loans.
The company says this demand surge helped it bounce way ahead of last year.
Muthoot Finance revenue up 65%
Revenue climbed 65% to ₹9,288.7 crore, boosted by higher gold prices making it easier for people to borrow.
Loan assets also grew by 49%, and Muthoot opened 177 new branches.
Chairman George Jacob Muthoot is aiming for steady progress across affordable housing finance, microfinance, personal loans, and small business lending, while accelerating digital initiatives.
He's also on board with the new gold loan guidelines to keep things transparent in the gold loan space.