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IDBI Capital Report
Muthoot Finance Ltd. reported robust growth in gold asset under management at 32% YoY versus 16% YoY (Q1 FY21); however profitability growth was lower at 4% YoY due to higher tax rate and decline in net interest margins.
Net interest incomeI grew by 10% YoY led by decline in margins; while pre-provision operating profit grew by 13% YoY led by higher other income (up 123% YoY).
Provisions declined as asset quality improved in gold loan portfolio due to interest collection and refinancing at higher gold prices.
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