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Kochi, February 29, 2024: Muthoottu Mini Financiers, a prominent Non-Banking Financial Company (NBFC) in India, has announced significant growth in its total Assets under Management (AUM), marking an impressive increase of 14.89% from the third quarter of the previous fiscal year. This growth reflects the escalating demand for gold loans in the market. Additionally, the company achieved a resilient Year on Year revenue growth of 17.18% in Q3FY24. Muthoottu Mini Financiers also witnessed a significant uptick of 62.18% in its Profit before Tax (PBT), reaching Rs. 81.77 Crores. Additionally, the company reported a notable 42.59% increase in its total Profit after Tax (PAT) amounting to Rs. 67.28 Crores compared to the previous fiscal year, showcasing robust year-on-year growth.
The interest yield increased from 18.34% in Q3FY23 to 19.05% in Q3FY24. In the same time frame, the company saw the Net Interest Margin (NIM) rise from 8.63% in Q3FY23 to 9.03% in Q3FY24, signifying improved profitability and efficiency in handling interest-focused aspects of the company.
Commenting on the company’s performance, Mr. Mathew Muthoottu, Managing Director, Muthoottu Mini Financiers, said, “We are thrilled to report another quarter of exceptional performance, as we have achieved significant growth across key metrics. Our consistent focus on customer satisfaction, product innovation, and operational excellence has been instrumental in propelling this success. This growth we are witnessing has also been a result of our decision to expand our network nation-wide and tap new markets to provide customers with access to gold loans. We are confident that our strategy and our unwavering commitment to these core values will position us for continued sustainable growth and value creation for our stakeholders.”
P E Mathai, Chief Executive Officer, Muthoottu Mini Financiers, added, “We are delighted to share these positive Q3FY24 results, which highlight our commitment to financial prudence and customer-centric strategies. Despite the challenges in the economic landscape, our sustained growth in revenue, AUM, and profitability underscores the strength and resilience of our business model. We remain committed to providing our customers with financial access to fuel their dreams through the best possible service and continuously innovate and improve our services.”
The company’s network currently spans an extensive footprint with a total of 903 branches. In 2023, Muthoottu Mini Financiers announced its aim to reach the milestone of 1,000+ branches across the country by the end of 2024, enabling greater accessibility to its financial services for customers across various regions.