Muthoottu Mini Financiers reports 30.58% YoY growth for FY22-23; set to open 130+ new branches in FY24
By Team Newsable | First Published Jun 17, 2023, 10:12 AM ISTThe leading NBFC reported strong financial performance across all key metrics of revenue growth, profit margins and asset quality
Kochi, May 13, 2023: Muthoottu Mini Financiers, one of India’s leading NBFCs, has announced its financial results for the FY 2022-23, wherein the company reported strong financial performance across all key metrics, including revenue growth, profit margins and asset quality. The company remains one of the few NBFCs in the country to report a strong double digit YoY growth at 30.58% for FY22-23. The company has reported a consistent incremental growth from FY 19-20, i.e. 135% growth in the last four years.
Muthoottu Mini Financiers achieved a total income of INR 544.44 Crores, with the company’s profit after tax (PAT) also increased by 52%, while the profit before tax (PBT) stood at INR 81.77 crore. The firm's consolidated Assets under Management (AUM) touched INR 3,262.78 crore in FY22-23 as compared to INR 2,498.60 crore reported in the previous fiscal. The company's asset quality remained robust with net NPA at 0.37% - which is among the best in the industry.
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Commenting on the result, Mr. Mathew Muthoottu, Managing Director, Muthoottu Mini Financiers, said, “We are glad to see Muthoottu Mini achieve a remarkable incremental growth of 135% over the past four years, in line with our unwavering vision and mission. During this period, Muthoottu Mini’s credit ratings has consistently upgraded every year, showcasing that the company’s growth is quantitative moreover qualitative. This growth has been possible mainly due to the strong foundation laid by the company. Muthoottu Mini's success in winning the trust of customers across the country is a testament to our team's dedication and focus on customer-centricity. As we look ahead, we are confident in our ability to capture new market opportunities, diversify our revenue streams, and continue providing outstanding financial services to our valued customers. During the months to come, we expect to witness exponential growth leveraging the strong base laid for the company."
P E Mathai, Chief Executive Officer, Muthoottu Mini, added, “The growth numbers of this financial year augur well with our plans to record substantial growth going forward. During FY23-24, we are planning to open 130+ new branches across the country and reach the 1,000+ branch milestone. We are also targeting an average AUM of INR 5 crore per branch to reach our goal of attaining INR 5,000-crore in overall AUM. During the year, the company aggressively enhanced its digital offerings to its customers, including the launch of its
‘MyMuthoottu App,’ to provide a seamless experience in managing loans efficiently at the touch of a button.”
Over the course of the past year, Muthoottu Mini Financiers has expanded its reach by opening 53 new branches and by adding 2 lakhs new customers. As a result, the company's network now spans an extensive footprint with a total of 871 branches, enabling greater accessibility to its financial services for customers across various regions.
About Muthoottu Mini Financiers Ltd:
Muthoottu Mini Financiers Limited is a Non-Banking Financial Company (NBFC) founded by the visionary Mr M Mathew Muthoottu as the common man’s financier in 1921. The business set up by Mr M Mathew Muthoottu to fuel a common man’s dream with finance at the right time has today grown into a large NBFC (Incorporated in 1998) with 850+ branches across India. The Company has stayed true to its vision while achieving multi-dimensional growth over the years. Easy access to Gold Loans form the core business of the company. The wide branch network established over the years in the states of Kerala, Karnataka, Andhra Pradesh, Telangana, Tamil Nadu, Pondicherry, Maharashtra, Goa, Delhi, Gujarat and Haryana, has made gold loans easily accessible to the common man. To make available a One-Stop experience to its customer, the Company also provides Wealth Management, Money Transfer (Domestic and International), Recharge & Bill Payments, Insurance, gold coins and jewelleries. To know more please visit: https://www.muthoottumini.com/index.html.
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