Muthoot Microfin Q1 profit jumps 13-fold on stronger loan growth
Muthoot Microfin on Thursday reported an over 13-fold surge in first quarter net profit at Rs 81 crore as compared with Rs 6 crore, buoyed by a near 50% loan disbursement growth and sharp fall in credit cost.
Its pre-provision operating profit for the quarter stood 43% higher year-on-year at Rs. 199 crore. The lender made Rs 92 crore provisions to cover bad loans for the quarter as compared with Rs 125 crore in the year ago period.
Its net interest margin (NIM) remained stable at 12% while gross non-performing assets ratio came down to 115 basis points to 3.70% at the end of June.
Total Income grew 20% year-on-year at Rs 671 crore, while it grew loan disbursement by 49% to Rs 2,645 crore. Its gross loan portfolio expanded by 18% to Rs 14,457 crore.
