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Muthoottu Mini Financiers sees their growth rocket by 14% amidst the pandemic
Muthoottu Mini Financiers, one of India's leading NBFC, has seen an increase of 14% growth amidst the pandemic. The company's business reports 25% growth in its Assets Under Management (AUM) along with a surge in its profit by 44% in the last financial year.
The public issue of non-convertible debenture (NCD) to raise funds for business growth of its gold loan and microfinance activities in September 2020, the base issue size being 100 crores, with an option to retain oversubscription of Rs.100 crores received a good response resulting in a collection of over Rs 150 crores.
One of the key drivers for this growth was the surge in gold prices. Muthoottu Mini Financiers was able to offer a good interest rate on the NCDs despite the depreciation in interest rates on bank fixed deposits, which resulted in an increase in subscription for NCDs.
"The pandemic has caused economic disruptions, enhancing the growth of the gold loan market. Gold loans are hassle-free and an easy option. The rise in the gold prices has made gold loan an option more convenient for the needy,'' said Mathew Muthoottu, Managing Director, Muthoottu Mini Financiers.
The company has more than 3000 employees, 792 branches present across 10 states and 1 Union Territory across India. It has launched a zonal office in Gujarat to strengthen its presence in North India and to accelerate the Company's growth.
Placing reliance on the strengthened financial base, the rating agency, India Ratings has upgraded the rating of the company.