Muthoot Finance, the biggest gold-financing company in India based on the loan portfolio, declared that it would be expanding internationally and fortifying its position in Dubai.
The Indian financial conglomerate stated that its strategic expansion into Dubai comes after its expansion into the US and the UK.
The company had exceptional financial growth in FY24, reaching its highest Consolidated Loan Assets Under Management in Q4 FY24 at Rs 890.79 billion, up 25%, and consolidated profit after taxes for FY24 at Rs 44.8 billion, up 22% YoY.
The BSE saw a 4.3% increase in Muthoot Finance shares on Friday, reaching a high of Rs 1,745 for the day. The company had reported a profit after tax of Rs 10.56 billion, which represented a 17 percent year-over-year increase from Rs 9.03 billion during the same period the previous year.
The group’s chairman, George Jacob Muthoot, stated that Muthoot Finance’s “unwavering dedication to promote financial inclusion and empower its customers with high-quality service in India” allowed it to achieve a 20% loan growth in FY24, compared to guidance of 15%. The business announced its highest-ever dividend of 240% at Rs 24 per share.
’’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.
According to TRA’s Brand Trust Report 2024, Muthoot Finance has been deemed “India’s most trusted financial services brand” for eight years running. Since its founding, the company has lent money to over 720 million clients to meet their various financial needs.
According to him, Muthoot Finance has made a major contribution to bolstering financial innovation and actual economic activity. ’’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.”
The function of Muthoot Finance goes beyond financial dealings. According to Muthoot, the company has helped build wealth, create jobs, and improve transportation and core infrastructure—vital pillars of India’s economic expansion.
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