Muthoot Microfin soars 7% on Q3 net profit surge

The management anticipates strong growth in the coming quarters as well on the back of a healthy balance sheet and favourable macro-economic outlook for India

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Shares of Muthoot Microfin soared over 7 percent in the opening trade on January 30, a day after the company posted a sharp surge in net profit for the December quarter.

The lender’s net profit for the October-December period more than doubled to Rs 124.60 crore from the year-ago period.

Net interest income (NII) surged 53.07 percent to Rs 343.07 crore and total income jumped  52.61 percent to Rs 584.83 crore.

At 9.32 am, Muthoot Microfin was trading at Rs 247.15 on the NSE.

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Disbursements in the quarter also grew over 19 percent on year to Rs 2,592.10 crore and assets under management were up nearly 39 percent to Rs 11,458.10 crore.

“The improved NPA (non-performing assets) figures (NNPA of 0.33 percent) underscore our commitment to maintaining a healthy loan portfolio. All the key indicators are showing tremendous growth and the macro-economic outlook of the country is favourable to the industry for us to sustain this growth rate,” Sadaf Sayeed, CEO, Muthoot Microfin, said in a press release.

The non-bank finance lender made a weak debut on the bourses in December, listing at a 5.5 percent discount to issue price of Rs 291. The shares have largely remained rangebound, trading near the listing price.

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