Muthoot Q1 profit rises 14% to ₹979 crore

Muthoot Finance Ltd. reported consolidated net profit for the first quarter increased 14% to ₹979 crore.

Consolidated Loan Assets Under Management grew 25% to ₹58,135 crore, the company said.

Standalone net profit increased 16% to ₹971 crore.

“We consciously decided to go slow in terms of non-gold lending business due to continued uncertainty and emerging uncertain credit behaviour,” said George Alexander Muthoot, managing director.

“We are redrawing our strategies in terms of non-gold lending business. On gold loan front, we are targeting 15% growth in the next three quarters,” added Mr. Muthoot.