Muthoottu Mini Financiers eyes 75% AUM growth in FY22

MMFL has presently 4 lakh energetic clients, predominately from rural and semi city areas.

Another NBFC from the Muthoot household is planning massive, with the gold mortgage enterprise doing properly due to the pandemic. Kerala-based Muthoottu Mini Financiers (MMFL) has plans to open 100 branches throughout the nation, and is concentrating on a 75% growth in belongings underneath administration (AUM) within the present fiscal, Mathew Muthoottu, managing director of MMFL, mentioned.

MMFL had closed practically 100 branches in 2019 and was in a consolidation section after lagging manner behind Muthoot Finance and Muthoot Fincorp in guide worth and AUM.

“Gold loan business is looking very good at this point of time due to the uncertainty as people need money and banks are not willing to lend. After the first lockdown, people wanted money to restart their trade, small shops and business, etc. Going forward, we believe gold loan has an essential part in servicing immediate capital requirement before banks come in,” Mathew Muthoottu mentioned.

The gold mortgage NBFC achieved a growth of 40-50% within the final fiscal regardless of 2-3 months of full lockdown.

MMFL has presently 4 lakh energetic clients, predominately from rural and semi city areas.

“Before 2020, we were in a consolidation phase and closing down loss making branches. Now, we are planning to increase our branch network to 900 from 806 in this fiscal and gold loan AUM of Rs 3,500 crore from the present level of Rs 2,000 crore,” he added.

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