Muthoottu Mini Financiers eyes 75% AUM development in FY22

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

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

MMFL had closed almost 100 branches in 2019 and was in a consolidation section after lagging method behind Muthoot Finance and Muthoot Fincorp in e-book worth and AUM.

“Gold mortgage enterprise is trying excellent at this level of time as a result of uncertainty as folks want cash and banks are usually not prepared to lend. After the primary lockdown, folks wished cash to restart their commerce, small retailers and enterprise, and so on. Going ahead, we imagine gold mortgage has a necessary half in servicing quick capital requirement earlier than banks are available in,” Mathew Muthoottu mentioned.

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

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

“Earlier than 2020, we have been in a consolidation section and shutting down loss making branches. Now, we’re planning to extend our department community to 900 from 806 on this fiscal and gold mortgage AUM of Rs 3,500 crore from the current stage of Rs 2,000 crore,” he added.

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https://www.financialexpress.com/trade/banking-finance/muthoottu-mini-financiers-eyes-75-aum-growth-in-fy22/2243460/