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Muthoot Finance eyes expansion in Dubai

Move follows its expansion in the US and UK

Published: Sun 2 Jun 2024, 6:39 PM

By
Issac John

George Jacob Muthoot, chairman of Muthoot Finance

Muthoot Finance, India’s largest gold-financing company in terms of loan portfolio, has announced that it would be stepping up its global operations by strengthening its presence in Dubai.

The strategic expansion in Dubai follows its expansion in the US and UK, the Indian financial conglomerate said.

The company has recorded remarkable financial growth in FY24 and achieved its highest Consolidated Loan Assets Under Management at Rs 890.79 billion in Q4 FY24, up by 25 per cent and consolidated profit after Tax for FY24 increased by 22 per cent YoY at Rs44.8 billion.

Share of Muthoot Finance rose 4.3 per cent on Friday on the BSE to day’s high of Rs 1,745 after the company reported a profit after tax of Rs 10.56 billion, rising 17 per cent year-on-year against Rs 9.03 billion for the same period last year.

George Jacob Muthoot, chairman of the group, said Muthoot Finance was able to achieve a loan growth of 20 per cent as against a guidance of 15 per cent in FY24 ’’with its unwavering dedication to promote financial inclusion and empower its customers with high-quality service in India.” The company declared a dividend of 240 per cent at Rs24 per share, its highest ever.

’’The expansion in Dubai will enable the company to provide personalized financial services and enable quick, hassle-free remittances by the Indian diaspora living in the UAE, estimated to be over 3.91 million as of May 2024,” said Muthoot.

Certified as “India’s most trusted financial Services brand” for consecutive eight years as per TRA’s Brand Trust Report 2024, Muthoot Finance has provided loans to over 720 million customers to cater to their diverse financial requirements since its inception.

He said Muthoot Finance has significantly contributed to supporting real economic activities and further strengthening financial innovation. ’’Our extensive branch network of over 6,300 branches in India has enabled the company to extend credit to MSMEs, agri sector, small businesses, and unorganized sector, especially to the unbanked.”

Muthoot Finance’s role extends beyond monetary transactions. The company has contributed to employment generation, wealth creation, and the development of core infrastructure and transportation - vital pillars of India’s economic growth, Muthoot said.