- #Muthoot GroupMuthoottu M. Mathew Group ventures into Gold Business - Launched Muthoottu Royal Gold
- #Muthoot GroupPaul Muthoot Murder Case Verdict : Life term for 9 accused
- #Muthoot GroupKerala: Court to announce verdict on sensational Paul Muthoot murder case tomorrow
- #Muthoot Group2 accused in Muthoot murder surrender before court
- #Muthoot GroupPolice says Muthoot killed in road rage
- #Muthoot GroupMuthoot Group chief's son stabbed to death
Just In
- 17 min ago 'False': ECI Tells SC On Reports Of EVMs Showing One Extra Vote During Mock Poll In Kerala
- 26 min ago What Will Be The Weather In Chennai & Tamil Nadu On Voting Day? Here's The Latest Update
- 1 hr ago Tamil Nadu Polls: Are You A First Time Voter? From Finding Polling Booth To Casting Votes, Here Is A Guide
Don't Miss
- Movies Yaavarum Vallavare OTT Release Date & Time: Samuthirakani's Thriller Is Ready To Stream On Aha Tamil From...
- Sports LSG vs CSK Head To Head Record, Stats & Results in Ekana Stadium, Lucknow Ahead of IPL 2024 Match 34
- Finance SpiceJet Faces Turbulence As 3 Lessors Move NCLT Alleging Default Worth Rs 77 Crore
- Technology Apple’s iPhone 17 Plus Could Sport a Smaller Display Compared to iPhone 15 Plus
- Travel Telangana's Waterfall: A Serene Escape Into Nature's Marvels
- Education PSEB Class 10 Result 2024 Declared
- Automobiles The Rezvani Retro RR1 Is A Modified Porsche 911 Done Right
- Lifestyle These Common Habits Can Be Insidious, Can Hurt Any Partner And Ruin Any Relationship
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.