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Muthoot Gold Loan News - Mar 2021
- 2021-02-25 : Muthoot Finance Q3 profit up 17% to Rs 1,006 cr, revenue rises 16%
Muthoot Finance has reported a net profit of Rs 1,006.6 crore during the quarter ended December 31, 2020, compared to Rs 861.04 crore a year ago. Muthoot Finance achieved a growth of 22 % in the gold loan portfolio during the nine months of the current year and likely to end the year with at least 25% growth as against the previous year growth of 22% - 2020-11-20 : Muthoot Finance penalised by RBI
The RBI announced a penalty of ₹ 10 lakh was imposed upon Muthoot Finance for failing to follow instructions to keep the LTV of Gold Loans and to obtain a pan card from the borrower in respect of gold loans exceeding ₹ 5 lakh. In consideration of its financial status, the company regulatory inspection on 31 March 2018 and 31 March 2019 shows that it refused to comply with its orders. - 2020-11-13 : Muthoot Finance LTV currently at 61%
At the 2nd quarter end, the overall weight of gold pledged to the company stood at 163 tonnes, compared with 171 tonnes in the last fiscal year. Its loan-to-value is currently at 61 %, against 75 % of the regulatory requirement and 69-70 % of the long-term average. - 2020-08-20 : Muthoot Finance Q1 net profit surged by 52% to ₹858 cr
Muthoot Finance posted a 52% jump in its consolidated net profit at ₹858 crores in the first quarter ended June of the current fiscal year. It posted a net profit of ₹563 crores during the corresponding quarter a year ago. Consolidated gross loan assets of the bank backed by gold loans increased 15.50% to ₹46,501 crore as on June 30, 2020, as against ₹40,228 crores a year ago. - 2020-07-22 : Muthoot Finance expects gold loan portfolio to grow 15-20% in 2020-21
Muthoot Finance expects its gold loan business to grow 15-20% during the current financial year, The bank hopes the gold portfolio to remain largely unaffected by the coronavirus pandemic.
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