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Muthoot Microfin: Muthoot Microfin Q4 net profit nearly doubled to Rs 102 crore


Kolkata: Muthoot Microfina part of Group Muthoot Pappachansaid net profit in the fourth quarter nearly doubled to Rs 102 billion, supported by strong business growth.

Total earnings stood at Rs 448 crore compared to Rs 249 crore.

Full year profit was Rs 203 crore compared to Rs 80 crore the previous year.

Lenders’ assets under management rose 37% year-on-year to Rs 9,200 crore at the end of March.

“The industry is currently on a steady path. Credit costs will fall this financial year,” Muthoot Microfin CEO Sadaf Sayeed says ET.

The property quality Lenders’ performance improved in line with industry trends with the ratio of total bad assets falling to 2.9% at year-end from 6.3% a year ago. It wrote off bad debts to the tune of Rs 188 crore.

Sayeed said it is comfortably placed on capital with a safety margin at 22%, which should be enough for this year’s growth.

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