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IDBI Capital Report
Muthoot Finance Ltd.'s gold portfolio growth improves to 5% YoY versus 3% YoY (Q2 FY23) although decline in tonnage. Overall assets under management growth recovered slower to 6% YoY versus 4% YoY (Q2 FY23).
Management revised AUM growth guidance to 4- 5% versus 10% growth for FY23. Teaser loans have been shifted to standard loans resulted improvement in net interest margins (up 82 basis points QoQ).
Muthoot Finance's net interest income de-grew by 10% YoY led by decline in margins; pre-provision operating profit declined by 14% YoY led by higher operating expenses. Provisions declined by 37% YoY as asset quality improves; profit after tax declined by 12% YoY.
Stage III loan assets increased to 2.6% versus 1.7% QoQ, due to lower auctions (Rs 2.2 billion).
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