Muthoot Fincorp's Loan Disbursements Hit All-Time High Of Rs 61,703 Crore In FY24

Muthoot FinCorp on Tuesday said it has recorded highest-ever loan disbursements in FY24 that rose 18.6% to Rs 61,703.26 crore on a consolidated basis. The asset under management stood at Rs 33,359.30 crore. The consolidated net profit rose 62% to Rs 1,047.98 crore in FY24, Muthoot FinCorp said in a statement.

The asset under management stood at Rs 33,359.30 crore. The consolidated net profit rose 62% to Rs 1,047.98 crore in FY24, Muthoot FinCorp said in a statement.

"Muthoot FinCorp Ltd, the flagship company of 137-year-old Muthoot Pappachan Group, reports highest-ever loan disbursements in FY24 with consolidated disbursement at Rs 61,703.26 crore, up 18.60%," the statement said.

On a standalone basis, Muthoot FinCorp's disbursements rose 15% year-on-year to Rs 50,167.12 crore from Rs 43,443.26 crore in the previous year.

The profit ncreased 22.40% to Rs 562.81 crore compared to Rs 459.81 crore in FY23.

The assets under management of the company stood at Rs 21,712.34 crore, up 23.26% compared to Rs 17,615.07 crore in the year-ago period.

Its revenue was at Rs 1,197.31 in the March quarter of FY24, posting a growth of 25.59%, compared to Rs 953.38 crore in the year-ago period.

As of March 31, 2024, Muthoot FinCorp's customer base stood over 42.98 lakh, a 14% increase compared to the previous financial year.

Muthoot FinCorp CEO Shaji Varghese said 81% of its customers availed of loans below Rs 1 lakh.

"We look forward to continue serving lower middle-income families alongside focusing on financial inclusion driven from our Purpose of transforming the lives of the common man by ensuring his financial well-being,” Varghese said.