Kochi (Kerala) [India], June 26 (ANI/NewsVoir): Muthoottu Mini Financiers Ltd. (MMFL), one of the leading non-banking finance companies (NBFC) in India today announced its annual financial results. The company has registered a growth of 18 percent for the financial year 2020-21.
Muthoottu Mini was able to successfully put behind the COVID-19 pandemic woes, riding on dedicated efforts towards innovation across all areas of its business. During the financial year 2020-21, Muthoottu Mini witnessed its Assets Under Management (AUM) grow at a rate of 18 percent, while Profit Before Tax (PBT) went up by 65 percent. The company also recorded a growth in interest income at 17.50 percent.
According to Mathew Muthoottu, Managing Director, Muthoottu Mini, "The performance of Muthoottu Mini during the pandemic year has been encouraging, with our sustained efforts to engage with our customers with innovative schemes. Further to the above, granting moratorium to our customers during the tough times has helped in retaining our customers. The 18 percent growth clocked by Muthoottu Mini during the year under review lives up to the expectations we had in these uncertain times."
P E Mathai, Chief Executive Officer, Muthoottu Mini, said, "The growth numbers of this financial year augur well with our plans to record substantial growth going forward. We have initiated measures to strengthen the digital platform to provide ease of transacting to the customers and to uphold high standards of customer service."
Muthoottu Mini, during the financial year 2020-21 mopped up Rs. 700 crore through Non-Convertible Debenture (NCDs) issues. Further, Muthoottu Mini also posted excellent organic growth, adding 4 more lending banks during the period. As many as 23 branches and 5 zonal offices were added during the financial year.
Going forward, Muthoottu Mini has lined up measures to push forward its digital innovation in a bigger way. Muthoottu Mini has also chalked out major expansion and restructuring initiatives, in its effort to realise expectations of a 75% growth and to open 100+ new branches in the year ahead. Presently, the average business outstanding per branch is 2.5 crore and Muthoottu Mini has strategized to raise it upto 4 crore per branch.
Muthoottu Mini Financiers Limited is a Non-Banking Financial Company (NBFC) founded by the visionary M Mathew Muthoottu as the common man's financier in 1921. The business set up by M Mathew Muthoottu to fuel a common man's dream with finance at the right time, has today grown into a large NBFC (Incorporated in 1998) with 800+ branches across India. The Company has stayed true to its vision while achieving multi-dimensional growth over the years. Easy access Gold Loans form the core business of the company. The wide branch network established over the years in states of Kerala, Karnataka, Andhra Pradesh, Telangana, Tamil Nadu, Pondicherry, Maharashtra, Goa, Delhi, Gujarat and Haryana, has made gold loan easily accessible to the common man. To make available a One-Stop experience to its customer, the Company also provides Wealth Management, Money Transfer (Domestic and International), Recharge & Bill Payments, Insurance, and Travel & Tourism Services.
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