Gold loan company Muthoot Finance on Monday declared a 17% decline in its net profit for the fourth quarter of FY14 at R181 crore. For the entire fiscal, net profit was down 22 % at R780 crore. Sequentially, the net profit declined by R13 crore from R194 crore in Q3 of FY14.
During FY 13, the company reported a net profit of R1,004 crore against R892 crore in FY12. It also recorded a decline in its loan book, total income and average loan ticket size for the fiscal, as it felt the tightening effect of the regulation and higher borrowing cost.
The Kerala-based company declared assets under management at the end of the fourth quarter at R21,618 crore against R26,000 crore at the end of the fourth quarter of the preceding fiscal. Average loan per branch during FY14 declined to R5.06 crore against R6.37 crore in FY 13.
