Muthoot Finance Profits up 53% at Rs. 454 cr
This Wednesday, Muthoot Finance reported a 53% increase in the net profit on a year-over-year basis for the second quarter at Rs. 454 crores. Last year, its net profit stood at Rs. 297 crores for the same quarter.
The gold loan lender said that better collections and reduced cost of capital are the primary reasons behind the outstanding jump in the profits.
On the increased NPAs, George Alexander Muthoot, managing director, Muthoot Finance, said that the rise in the NPAs in Muthoot Finance is because of the more time given to the customers for the repayment of their short-term loans (6 months).