Q1 Results: Muthoot Finance Says Kerala, Karnataka Floods Didn’t Impact Business Much
Muthoot Finance Ltd. said the floods in Kerala, Karnataka and parts of Maharashtra hasn’t impacted its business or its employees.
“The floods haven’t been as severe as last year,” George Alexander Muthoot, managing director of the gold loans provider, told BloombergQuint in an interaction, adding water levels are receding and things are “getting better".
The company has only 4.5 percent exposure in Kerala and about 8 to 9 percent in Karnataka, Muthoot said.
Key Takeaways From The Interview
- Have given more time to customers to repay loans instead of auctions.
- Banks didn’t reduce rates despite Reserve Bank of India’s rate cuts.
- Banks, instead, increased lending rates.
Muthoot Finance Q1 Results 2019-20: Key Highlights (YoY)
- Net interest income up 6.9 percent at Rs 1,185.8 crore.
- Profit after tax rose 7 percent to Rs 522 crore.
- Loan AUMs jump 16 percent.
- Gross NPAs at 3.2 percent, versus 2.7 percent a quarter ago
Watch the full interview here: