Muthoot Finance, India's largest gold loan NBFC with the biggest loan portfolio in the segment, is expanding its global footprint by establishing operations in Dubai. The move targets the UAE's booming Indian expatriate community and follows the company's successful entry into the United States and United Kingdom.
Muthoot Finance's Dubai Expansion Targets UAE's Indian Community
The Dubai office is designed to deliver customised financial solutions — including swift and seamless cross-border transfers — to the Indian community in the UAE, which numbered more than 3.91 million as of May 2024. With India consistently receiving some of the world's largest remittance inflows, Muthoot Finance's Gulf presence positions the company at a critical corridor for NRI financial services.
Record FY24 Results Fuel Global Push
The Dubai expansion comes on the back of a landmark financial year. Muthoot Finance's consolidated Loan Assets Under Management hit Rs 890.79 billion in FY24, a 25% year-on-year increase. Gross sales rose 18% YoY to Rs 502.1 billion, while consolidated profit after tax climbed 22% YoY to Rs 44.8 billion — well ahead of the company's own 15% loan-growth guidance. To mark the record results, the company declared one of its largest-ever dividends at 240%, or Rs 24 per share.
Chairman Outlines Vision for Dubai Banking Services
Muthoot Group Chairman George Jacob Muthoot said the company aims to provide "narrow banking services, value-added banking services, and excellent service standards" through its international offices. He highlighted that Muthoot Finance has been a major source of employment generation and a key contributor to economic development and financial innovation in India.
6,300 Branches and 720 Million Customers — A Trusted Name
Muthoot Finance's micro-finance arm has expanded to 6,300 branches across India and has disbursed loans to micro and small enterprises, the agricultural sector, small businesses, and unorganised sectors — largely benefiting under-banked communities. The company has extended loans to over 720 million customers for a variety of purposes, and was named India's most trusted financial services brand for the eighth consecutive year in the TRA Brand Trust Report 2024.
The Dubai integration signals Muthoot Finance's ambition to become the go-to financial partner for Indian nationals living and working across the Gulf, extending the same trust-backed model it has built over decades at home.
