Non-banking financial company Muthoot finance as reported by 8% on year-on-year profit consolidated second-quarter net profit. The amount has gone to rupees 1002.9 crores.
This has been driven by a good and consistent performance of the gold loan division. There have been continuously marketing their gold loan. Mr. Amitabh Bacchan is the brand ambassador of this campaign for gold loan.
This is Kerala based lending organization. They had reported a consolidated net profit accounting rupees 9 30.7 crores the previous year and net profit of rupees 978.6 crore in the preceding first quarter or 3 months.
This finance company provides loans for homes microfinance broking subsidiaries and insurance. The gold diffusion and increased its net profit by 11% y-o-y which is approximately 994 crore. In the consolidated profit, the share of this is 99%.
Muthoot Finance is a finance company that has more than 4500 branches spread across 29 states and union territories of India. Headquarters is located at Kochi in Kerala, India. Out of the total 4500+ branches, 70% of the branches are in semi-urban and rural areas of India. They serve approximately more than 2,00,000 customers per day.
Assets of Muthoot finance of the gold loan division for this quarter is rupees 55102 crores a 52394 crore in the same quarter previous years which is plus 5% year on year growth. The gold loan has increased by 18% from the average gold loan for the branch and has gone to 11.84 crores.
The total amount of gold placed with the Muthoot finance is 178 tonne which is a 15-tonne hike from the previous year where it was 163 tonne both in the second quarter.
In the last few years, finance is one of them that has grown incredibly well to call themselves leaders among NBFCs. Their main offering of gold loans has the benefit because of the trust they get from the general public.
They have been keen to get the attention of the general public positively. For the same reasons, they shook hands with Mr. Amitabh Bachchan. Which is now showing some great results. People have started showing faith in this organization. Which is making them leaders in this sector.
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