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Muthoot Finance plans to open around 150 branches in 12 months; expects 15% AUM growth going ahead

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Speaking to CNBC-TV18, George Alexander Muthoot, MD of Muthoot Finance said that the gold loans would do well in the coming days as the demand in most places has risen reasonably.

The third quarter of fiscal 2021 has seen a reasonable pick up in gold loan financing business and the demand for gold loans among MSME and small shop owners have been recovering, according to Muthoot Finance.
Speaking to CNBC-TV18, George Alexander Muthoot, MD of Muthoot Finance said that the gold loans would do well in the coming days as the demand in most places has risen reasonably.
“In Q3FY21, we are seeing reasonably good pick up in gold loan demand. Everywhere things are starting to open up, so probably business should come back to what it was pre-COVID. As far as gold loan is concerned, we see good pick up in the demand and we see gold loan companies doing well in the coming days,” Muthoot said.
He expects to see minimum 15 percent assets under management (AUM) growth on a year-on-year (YoY) basis in the next four-five years.
According to him, the gold prices are expected to stabilize near Rs 50,000 per 10 grams level going forward.
The company also plans to open another 100-150 branches in the next 12 months, he revealed.
Watch the video for the full interview.

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