Highest-Ever Loan Disbursement Recorded by Muthoot FinCorp in FY24

Muthoot FinCorp, on 21st May, 2024, announced its highest-ever loan disbursements in FY24 at Rs. 61,703.26 crore, which marked an 18.6 percent increase.

Asset under management (AUM) of Rs 33,359.30 crore and a consolidated net profit of Rs 1,047.98 crore were reported by the company, which reflected a significant 62 percent rise.

The company recorded a 15 percent year-on-year increase in disbursements to Rs 50,167.12 crore on a standalone basis. Compared to the previous FY, the profit after tax (PAT) rose by 22.40 percent to Rs 562.81 crore.

The company’s assets under management (AUM) witnessed a notable growth of 23.26 percent, reaching Rs 21,712.34 crore. In addition to this, its revenue for March quarter of FY24 increased by 25.59 per cent to Rs 1,197.31 crore compared to the corresponding period in the previous FY. 

Muthoot FinCorp is a flagship company of the 137-year-old Muthoot Pappachan Group. The company is dedicated to serving lower middle-income families. Almost 81 percent of customers avail loans which are less than Rs. 1 lakh.

As of 31 March 2024, Muthoot FinCorp has a customer base of approx. 42.98 lakh, which marks a 14 percent increase from the previous FY.

Source: Zee Business

Also Read: What happens if the Borrower fails to Repay the Loan?