Manappuram Finance posts 10% rise in Q2 net profit

Friday, November 06 2020

Hindu Business Line

Manappuram Finance has registered a 10 per cent increase in consolidated net profit of at ₹405.44 crore in Q2 of FY21 against ₹367.97 crore reported in the preceding quarter. 

The net profit for the standalone entity (which excludes subsidiaries) is reported at ₹405.56 crore, an increase of 20 per cent compared to ₹336.17 crore reported a year ago. 

Total consolidated operating income during the quarter stood at ₹1,565.58 crore, an increase of 16.6 per cent. Consolidated assets under management (AUM) grew by 18.6 per cent to ₹26,902.73 crorefrom ₹22,676.93 crore. 

The Board of Directors approved payment of interim dividend of ₹0.60 per share with face value of ₹2. 

VP Nandakumar, Managing Director & CEO, said: “We are seeing robust demand for gold loans as economic activities recover ground in India, with our rural economy leading the way. Accordingly, we could maintain strong growth in gold loans helped by our digital infrastructure and our robust online gold loan platform.” 

The company’s gold loan portfolio posted a strong growth of 30.1 per cent to ₹19,736.02 crore, from ₹15,168.34 crore in the year-ago quarter. The number of live gold loan customers stood at 25.6 lakh as of September 30.    Read More

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