#EXCLUSIVE: Muthoot Finance says this year's growth is likely to exceed guidance - by @pabsgill
@TheMuthootGroup #muthootfinance
businessinsider.in/business/corpo…
Muthoot Finance Managing Director #GeorgeAlexanderMuthoot told Business Insider that the company is likely to exceed its annual guidance of 15% growth.
@TheMuthootGroup #muthootfinance
With more people reluctant to leave the house, #Muthoot’s new 'Loan@Home' service has seen the average ticket sizes surge to around ₹3.5 lakh — six times the size of gold loans given out in branches.
@TheMuthootGroup #muthootfinance
Banks may be worried about loans going bad but India’s #MuthootFinance is sitting comfortable. During the pandemic, as small businesses look for short-term funds, the surging gold prices have only made gold loans more attractive — offering borrowers a bigger bang for their buck.
In fact, business is going so well that #MuthootFinance could be on track to beat its projected guidance for the year. The stock has gained 125% since the #coronavirus lockdown happened on March 24.
@TheMuthootGroup
“We’ve given a modest guidance of 15% but I’m sure we’ll be able to do more,” the company’s Managing Director #GeorgeAlexanderMuthoot told Business Insider in an exclusive interview on the #HangoutwithBI Twitter Live.
@TheMuthootGroup #muthootfinance
.@TheMuthootGroup has launched services like Loan@Home to help issue gold loans without people leaving their house. Currently, #muthootfinance has ₹8,000 crore cash in its coffers that cover 20% of their loan book, which Muthoot believes is a better safe than sorry strategy.
After the #lockdown, businesses are looking to restart. “Our customers are generally small traders, small businesses, shopkeepers, and MSMEs — small MSMEs. These are people who need quick and easy financing,” he said.
@TheMuthootGroup #muthootfinance
"Rather than go to banks, these short term loans are ideal for borrowers looking to stock up on goods for Diwali, make payments to suppliers or get their hands on some quick money for short-term needs." said #GeorgeAlexanderMuthoot
@TheMuthootGroup #muthootfinance
That said, big banks are also dipping their toes in the #GoldLoan market. Even though their gold loan portfolio is hardly anything to write home about, their participation lends authority causing the overall market to expand, according to #Muthoot.
@TheMuthootGroup
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