Muthoot Finance reported a 16 per cent decline in consolidated net profit to Rs 825 crore in the June quarter due to lower yields on low-interest rate teaser loans.

Total income during the April-June quarter of 2022-23 fell by 5 per cent to Rs 2,804 crore as against Rs 2,963 crore in the same period of 2021-22, Muthoot Finance said in a regulatory filing.

“The impact of the very low-interest rate teaser loans has resulted in lower yields during Q1FY23. The launching of teaser loans was a strategic move taken in Q3 FY 22 and it enabled us to attract a set of new high value customers,” George Alexander Muthoot, Managing Director, Muthoot Finance said.

During the quarter, he said, the company focused on migrating such teaser loans to higher rate schemes and successfully completed this exercise as of June 30, 2022.

This also resulted in a decline in its loan assets by 2 per cent to Rs 63,444 crore on a quarter-on-quarter basis. But it rose by 9 per cent from Q1FY22 loan assets size of Rs 58,135 crore.

George Jacob Muthoot, Chairman, Muthoot Group said high frequency indicators suggest recovery in economic activity, with strong urban demand environment though the rural demand is still reviving.

The non-banking finance company said the RBI has approved opening new 150 branches.

Coupled with the recent digital initiatives, gold Loan@home service will help the company further expand and tap new customers, he added. PTI KPM MR

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