MUMBAI: Record gold prices leading to higher loan sales and a good show by its subsidiaries boosted the consolidated earnings of the largest pureplay gold loan player Muthoot Finance, which saw a 17 percent growth in net income at Rs 1,182 crore for the March quarter over Rs 1,009 crore in the year ago period.
For the full year, the Kochi-based company reported a 22 percent jump in net income at Rs 4,468 crore. Total income rose 19 percent to Rs 3,418 crore for the quarter.
The loan book grew 25 percent to Rs 89,079 crore as of March as against Rs 71,497 crore last year. During the reporting quarter, consolidated loan assets rose by 8 percent. Of the total AUM, as much as Rs 75,327 crore is in the book of Muthoot Finance, up from Rs 62,950 crore a year ago and the rest Rs 13,752 crore from the subsidiaries, which grew from Rs 8,547 crore.
From the profit side, the parent Muthoot Finance reported Rs 1,050 crore, up 17 percent from Rs 900 crore in quarter, and Rs 4,029 crore for the year, up 16 percent, while the subsidiaries chipped in with Rs 132 crore of net income, up 21 percent for the quarter, and Rs 439 crore for the full year, up 117 percent from Rs 203 crore, the company said.