Muthoot Finance Eyes Expansion in Dubai

Muthoot Finance, the India’s biggest gold financiers with largest loan portfolio, plans to stronger its operation in global market through new intermediate in Dubai. This development strategy came immediately after the company expanded its coverage in both the United States and United Kingdom.

Firstly, the financial conglomerate also unveiled the highest Consolidate Loan Assets Under Management, of Rs 890. 79 billion in Q4FY24 in FY24 and it improved by 25%. For the fiscal year ended March 31, 2024 gross as well as net sales went up by 18% and 17% YoY to Rs 502. 1 billion and Rs490. 4 billion respectively. The consolidated profit after tax for FY24 was at Rs 44. 8 billion, higher by 22% YoY.

In the financial year 2014-15, Adani Enterprises posted a profit after tax of Rs 11. 72 billion, up 87 % year-on-year from Rs 6. 24 Billion in the same period last year and Adani Power posted a profit after tax of Rs 2. 02 Billion up 200% year-on-year from Rs 0. 68 billion last year.

As per Muthoot Group’s chairman George Jacob Muthoot, the closely held financial organization aims for providing narrow banking services, value-added banking services, and excellent service standards, a feature that helped the company achieve a loan growth of 20% in FY24 against the guidance of 15%. This is besides the fact that to celebrate the record earnings, the company gave one of its biggest dividends ever at 240% or Rs 24 for every share of the company.

The Dubai integration is to reach out and provide customized banking solutions that enable speedy and seamless cross-border transfers for the burgeoning Indian community in the UAE which is today estimated at greater than 3. 91 million as of May 2024.

With this recognition, Muthoot Finance earns itself as the India’s most trusted financial services brand for the 8th year in succession accoding to the TRA’s Brand Trust Report 2024, has successfully extended loans to over 720 million customers across the country for a variety of purposes.

George Jacob Muthoot pointed out the fact that the company has been functioning as one of the major sources of real employment generation, as well as a major contributor to economic development, and financial creativity. Muthoot Finance Micro Finance has successfully expands its branches up to 6300 across India and had been given loan to Micro and Small Enterprises, Agricultural Sector, Small Business and unorganized sectors which largely benefited the under-banked sectors in the country. It also fostered employment and wealth generation for people and formed the fundamental sectors such as the civil core infrastructure and transportation for India.

News and image source: KT