Muthoot Finance, India’s leading gold-financing company, announced its plans to expand operations in Dubai. This follows their recent expansions in the US and UK. The company aims to serve the large Indian diaspora in the UAE, estimated at over 3.91 million. This expansion aligns with Muthoot Finance’s strategy to provide personalized financial services and quick, hassle-free remittances.
Financial Performance
Muthoot Finance reported significant financial growth in FY24, with Consolidated Loan Assets Under Management reaching Rs 890.79 billion, a 25% increase. The company’s profit after tax for FY24 rose by 22% year-on-year to Rs 44.8 billion. Following this announcement, Muthoot Finance’s shares rose 4.3% on the BSE. The company also declared its highest-ever dividend of 240%, amounting to Rs 24 per share.
Strategic Goals
George Jacob Muthoot, Chairman of Muthoot Finance, highlighted the company’s commitment to financial inclusion and empowering customers with high-quality services. The expansion in Dubai is a step towards achieving these goals. Muthoot Finance has a vast network of over 6,300 branches in India and has provided loans to over 720 million customers, supporting MSMEs, the agricultural sector, small businesses, and the unbanked.
Broader Impact
Beyond financial services, Muthoot Finance contributes to employment generation, wealth creation, and the development of core infrastructure and transportation, vital for India’s economic growth. Certified as “India’s most trusted financial services brand” for eight consecutive years, Muthoot Finance continues to strengthen financial innovation and support real economic activities.
