Muthoot Finance on Saturday reported a 25% year-on-year rise in first quarter standalone net profit at Rs 2,550 crore as its business expanded 43% to Rs 1.72 lakh crore.
On a consolidated basis, it earned a net profit of Rs 2825 crore, also up 43% year-on-year. The consolidated assets under management grew 43% to 1.92 lakh crore.
The country's largest gold loan company has also embarked upon leadership succession with its board recommending the appointment of Alexander George Muthoot as managing director from October 1, 2026. He, currently the joint MD, will replace his paternal uncle George Alexander Muthoot in the top position. The proposed transition would need shareholder approval.
George Alexander Muthoot, who has led the company for over the past three decades, will assume the role of executive vice chairman from October.
The MD designate is the son of the late MG George Muthoot, the former chairman of Muthoot Finance, who was the elder brother of George Alexander Muthoot.
The board also suggested KR Bijimon, the executive director, to be elevated as chief executive officer.
On business, the current MD told ET that the company is expanding its array of products following the regulatory guidelines to improve transparency in the gold loan business, which is expected to cross Rs 30 lakh crore by March 2028, growing at a 30% rate every year.
