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Wednesday, August 9, 2017

Muthoot Finance Q1 net up 30%

Muthoot Finance posted a 30 per cent increase in net profit at Rs.351 crore in the first quarter of FY18 against Rs.270 crore in the previous year.

The company’s loan assets rose Rs.574 crore during the quarter. Its loan assets stood at Rs.27,852 crore as at end-June.

The board has decided to acquire the remaining 11.73 per cent in Muthoot Homefin (India), which is held by other shareholders, at an aggregate price of Rs.38.72 crore. With this acquisition, MHIL will become a wholly-owned subsidiary of Muthoot Finance.

Further, the board has decided to infuse Rs.100 crore in MHIL as equity share capital. During the quarter, MHIL’s loan portfolio increased by Rs.155 crore to Rs.596 crore.

Belstar Investment and Finance, a microfinance NBFC in which Muthoot Finance holds 64.60 per cent stake, grew its loan portfolio 11 per cent to Rs.628 crore.

Source : Thehindubusinessline


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