Muthoot Finance FY21 profit rises
Muthoot Finance is one of the largest gold financing companies. Recently it has made a successful journey after the pandemic. According to the chairman of the company, Mr George Jacob Muthoot said that as a company is completing ten years of its tenure for the public listing in the equity shares through the IPO. On the occasion of this, there has been a declaration of the paying off dividend for Rs 20 on each of the shares for the financial year 2020-21, which turned out to be a total payment of Rs 802 to cross in April 2021.
The chairman already has mentioned that there has been too much dispersal of new fresh loans in this year compared to the past year where the performance was not as per due to the pandemic situation. Besides this thing, some subsidiaries owned by the Muthoot Finance home in limited which is the financial institution dealing in the home loans, have recorded a profit of Rs 33 crores as compared to that of the last year.
The net interest income of Muthoot Finance for the last year quarter was about Rs 1800 crores during this period, the gold loan assets of the company increased about Rs 2300 crores. In the present here the company has reported a profit of about Rs 900 crores year’s first quarter was at about Rs 800 crores.
The home loan and gold loan are among those financial services that have played a vital role during this time of the pandemic by helping the people fulfil the requirements needed by them. In the meantime, there were specific changes implemented by the government’s policies and the Reserve Bank of India. The reforms for the relaxations and changes in the rate of interest of the home loan on the gold loan and other types of loans have proved to be a boon for the customers to meet the purpose of the loans.