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Mr. George Muthoot Alexander, Executive Director, Muthoot Finance said, “We are delighted to announce the new gold loan scheme. This is a unique offer, which will benefit all sections of clientele. The company expects to grow its customer base in this high ticket loan category from currently 4% to 10% by Q1FY2019 (June 2018). This loan will be now available through all 4200 branches, including the 487 branches in Karnataka.”
The Muthoot Group has 18 diversified divisions and 4500 plus branches with global presence. Over 2,53,000 customers visit The Muthoot Group branches every day. The story of The Muthoot Group is built on the foundations of passion, commitment, honesty, traditions and values.
Muthoot Finance Ltd, the flagship company of The Muthoot Group was founded in 1939, by Shri M. George Muthoot. The company today is India’s largest and the world’s biggest gold loan company. With a holding of 146 tonnes of gold, Muthoot Finance is also one of the companies to hold the largest gold reserves in the country.
Muthoot Finance has 487 branches in Karnataka which are administered through 9 regional offices. Bangalore has the highest number of 250 branches. As of today, the group has generated employment to 2,614 people in the state. AUM (Assets under Management) in Karnataka is Rs. 3,365 crore in H1FY18. The company till date has served the total customer base of 11,80,374. Muthoot branches witnesses average walk – ins of 18,963 customers daily. Every day our branches disbursed 6,262 gold loans. The average value of gold loan is Rs. 35,000 and the company disburses Rs. 21.91 crore everyday in the state.
Through transparent, fully automated system and procedure, Muthoot Finance has become the preferred choice of a variety of customers be it farmers, entrepreneurs, traders, businessmen or housewives. Muthoot Gold Loans has revolutionized the concept of retail gold loan in the country. People from all walks of life have realized that gold can be released from its idle state in the house lockers to create more opportunities and fuel economic growth.
The company is continuously focusing on diversifying the overall investment products. During FY17, Muthoot Finance acquired 64.60% in equity share capital of Belstar Investment and Finance Private Limited (BIFPL), an RBI registered micro finance NBFC. Its loan portfolio grew by 114% at Rs. 567crore in FY17 with profit after tax of Rs.10 crore as against PAT of Rs.6 crore.
The company also acquired 100% stake in Muthoot Insurance Brokers Pvt Limited, an IRDA registered Direct Broker in insurance products. It generated a first year premium collection amounting to Rs. 70 crore during FY17 as against Rs. 48 crore during previous year.
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