Muthoot Finance's Q2FY22 standalone net profit up 11% YoY

Mumbai, Nov 4 (IANS) Gold loan company Muthoot Finance on Thursday reported a rise of 11 per cent in its Q2FY22 standalone net profit on a year-on-year basis.

It also reported that its loan assets rose to Rs 55,147 crore as compared to Rs 47,016 crore in Q2FY21, registering a growth of 17 per cent on a YoY basis.

Notably, during the quarter, gold loan assets increased by Rs 2,613 crore, which represents an increase of 5 per cent.

The company's consolidated loan AUM stood at Rs 60,919 crore as of end September 2021, clocking a growth of 17 per cent on a YoY basis.

Muthoot Finance Managing Director George Alexander Muthoot said: "The demand environment remains strong and as we enter the festive season, we remain optimistic about growth momentum in gold loan over the second half of FY22. We are optimistic about growing our gold loan book further and maintain 15 per cent growth guidance for FY22."

"We are witnessing improved collections across Micro finance, vehicle finance and home loans. In the last quarter, we had consciously decided to go slow on non-gold lending business, we continue to remain conscious and mon itor the space for emerging opportunities. We will continue to follow the st rategy of balanced growth while maintaining overall asset quality."