Muthoot Finance Limited
In 1939, M. George Muthoot created a partnership firm named Muthoot M. George & Brothers (MMG). MMG was a chit fund based out of Kozhencherry. In 1971, the firm was renamed as Muthoot Bankers, and started to finance loans using gold jewellery as collateral. In 2001, the company was renamed to Muthoot Finance. Muthoot Finance falls under the category of systemically important non-banking financial company (NBFC) of the RBI guidelines. As of March 2023, the promoters hold 73.35% of the equity stake in the company. Muthoot Finance Ltd is the Flagship Company of the group.
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| Name | Issue Size | Maturity | Coupon |
|---|---|---|---|
| Muthoot Finance Limited | 54.38Cr | 27 Dec 2024 | 10.00 % |
| Muthoot Finance Limited | 91.76Cr | 20 Mar 2024 | 10.00 % |
| Muthoot Finance Limited | 179.47Cr | 14 Jun 2024 | 10.00 % |
| Muthoot Finance Limited | 53.62Cr | 01 Nov 2024 | 10.00 % |
| Muthoot Finance Limited | 81.83Cr | 27 Dec 2024 | 9.75 % |
| Muthoot Finance Limited | 105.81Cr | 14 Jun 2024 | 9.75 % |
| Muthoot Finance Limited | 110.64Cr | 20 Mar 2024 | 9.75 % |
| Muthoot Finance Limited | 89.82Cr | 01 Nov 2024 | 9.75 % |
| Muthoot Finance Limited | 125.00Cr | 18 Jun 2025 | 9.50 % |
| Muthoot Finance Limited | 500.00Cr | 02 Jun 2023 | 9.05 % |
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Muthoot Finance Limited
History and PromoterCurrent Management of Muthoot FinanceGeographical PresenceGold Loans offered by Muthoot FinanceMuthoot Finance’s Credit Rating in the past 3 yearsMuthoot Finance’s Brief financials for the last 3 years (Standalone)Board constitution of Muthoot Finance LimitedAdvantages of Muthoot Finance LimitedDisadvantages of Muthoot Finance LimitedHistory and Promoter
In 1939, M. George Muthoot created a partnership firm named Muthoot M. George & Brothers (MMG). MMG was a chit fund based out of Kozhencherry. In 1971, the firm was renamed as Muthoot Bankers, and started to finance loans using gold jewellery as collateral. In 2001, the company was renamed to Muthoot Finance. Muthoot Finance falls under the category of systemically important non-banking financial company (NBFC) of the RBI guidelines. As of March 2023, the promoters hold 73.35% of the equity stake in the company. Muthoot Finance Ltd is the Flagship Company of the group.
Muthoot Finance Ltd (“MFIN”) is India's largest gold loan NBFC. MFIN is an “Upper Layer NBFC” (NBFC-UL) headquartered in the south Indian state of Kerala. It has been operating since 1939 when M George Muthoot (the father of current Promoters) founded the company. It provides loans secured by gold jewellery, ornaments, etc for personal or business purposes to individuals who cannot access credit or are in urgent need of money.
On a standalone basis, MFIN has a loan AUM of Rs. 57,731 crs as of December 2022 across 29 states and 4,600+ branches. It has an active customer base of 52.33 lakhs and 81.05 lakhs loan accounts as of December 2022. For the years ended March 31, 2020, 2021 and 2022 its revenues from gold loan business constituted 96.81%, 95.88% and 96.67% respectively of the total income.
Current Management of Muthoot Finance
| Particulars | Name |
| Managing Director | Dr Georgie Kurien Muthoot |
| Deputy Managing Director | George Muthoot George |
| Joint Managing Director | Alexander George Muthoot |
| Deputy Managing Director | George Muthoot Jacob |
| Deputy Managing Director | George Muthoot Alexander |
| Chief Financial Officer | Oommen K Mammen |
Geographical Presence
- Muthoot Finance is the largest Gold Loan NBFC with a network of 4,739 branches in PAN India across 29 states and union territories.
- The company is headquartered in Kochi, Kerala.
- The company predominantly operates in Southern India. 48% of outstanding gold loans are sourced from South India, 23% from North India, 19% from West India, and 10% from East India.
- At the global level, Muthoot Finance is in the United States of America, the United Kingdom, and the United Arab Emirates.
Gold Loans offered by Muthoot Finance
Muthoot Finance is the largest gold financing company in India, and its core offering is gold loans. They also offer home loans and personal loans. The gold loans they offer is mentioned below:
| Gold Loan | Loan Amount (₹) | Tenure | Interest Rate |
| Muthoot One Percent Loan | 1,500 to 50,000 | 12 months | 12% p.a, if 100% of the interest is paid monthly |
| Muthoot Ultimate Loan | 1,500 to no limit | 12 months | 22% p.a with 2% rebate if 100% interest is paid monthly |
| Muthoot Delight Loan | 50,000 to 5 crores | 12 months | Low rates of interest |
| Muthoot Mudra Loan | 1,500 to 1 lakh | 12 months | 11.9% p.a offered at South Indian branches |
| Muthoot Advantage Loan | 50,000 to 5 crores | 12 months | 18% p.a offered at South Indian branches |
| Muthoot High Value Plus Loan | 1,90,000 to 5 crores | 12 months | 14% p.a with maximum LTV |
Muthoot Finance’s Credit Rating in the past 3 years
Domestic Credit Rating for 3 years by:
| Rating Agency | Type of Instrument | Financial Year 2021 | Financial Year 2022 | Financial Year 2023 |
| CRISIL | Non-Convertible Debentures (NCDs) | AA+/STABLE | AA+/STABLE | AA+/STABLE |
| ICRA | Non-Convertible Debentures (NCDs) | AA+/STABLE | AA+/STABLE | AA+/STABLE |
Muthoot Finance’s Brief financials for the last 3 years (Standalone)
(₹ in Cr)
| S.No. | Particular | Financial Year 2021 | Financial Year 2022 | Financial Year 2023 |
| 1 | Profit after tax | 3,722 | 3,954 | 3,473 |
| 2 | Net worth | 17,412 | 18,345 | 21,022 |
| 3 | AUM | 54,063 | 59,384 | 64,265 |
| 4 | Total Borrowing | 45,946 | 49,811 | 49,743 |
| 6 | Gross Non-performing Asset (GNPA) | 0.88% | 2.99% | 3.79% |
| 7 | Net Non-Performing Asset (NNPA) | 0.78% | 2.68% | 3.40% |
| 8 | Leverage Ratio (Debt/Equity) | 2.64 | 2.72 | 2.36 |
Board constitution of Muthoot Finance Limited
Muthoot Finance has a strategically sorted governance framework in place, primarily consisting of an Independent Board of Directors and the constitution of the committees of the Board of Directors, as required under applicable laws.
| S. No | Name | Designation | Education |
| 1. | George Jacob Muthoot | Chairman & Whole Time Director | Degree in Civil Engineering from Manipal University |
| 2. | George Alexander Muthoot | Managing Director | Chartered Accountant |
| 3 | George Thomas Muthoot | Whole Time Director | Businessman |
| 4 | Alexander George Muthoot | Whole Time Director | MBA Graduate from Thunderbird University |
| 5 | George Muthoot George | Whole Time Director | Master’s degree from the Essec Cornell University in Paris, France |
| 6 | George Alexander Muthoot | Whole Time Director | MBA from the University of North Carolina Kenan-Flagler Business School |
| 7 | George Muthoot Jacob | Whole Time Director | BA.LLB (Hons), from the National University of Advanced Legal Studies, Kochi |
| 8 | Abraham Chacko | Independent Director | Post Graduate Diploma in Business Management from XLRI |
| 9 | Jacob Benjamin Koshy | Independent Director | Graduate in Law |
| 10 | Jose Mathew | Independent Director | Chartered Accountant |
| 11 | Pratip Chaudhuri | Independent Director | Master’s degree in Science and Statistics from University of Rajasthan
|
| 12 | Ravindra Pisharody | Independent Director | B. Tech from Indian Institute of Technology Kharagpur & PGDM from IIM Calcutta |
| 13 | Usha Sunny | Independent Director | Qualified Cost Accountant & M.Com from University of Kerala |
| 14 | Vadakkakara Antony George | Independent Director | Associate of the Indian Institute of Banking and Finance
“Board Director Diploma with Distinction” from International Institute of Management Development, Lausanne
|
| 15 | Eapen Alexander | Executive Director | MBA from the Fuqua School of Business at Duke University, USA
MSc. in International Political Economy from London School of Economics, UK
|
| 16 | K.R. Bijimon | Executive Director | LLB from Mahatma Gandhi University, Kerala
MBA from Cochin University, Kerala |
Advantages of Muthoot Finance Limited
- Muthoot Finance is the leading gold loan NBFC in India
- More than 95% of the loan portfolio is secured by gold which is a highly liquid asset
- The asset quality is comfortable with GNPA at 3.79% and NNPA at 3.40% as of March 2023
- The company is adequately capitalised with a Capital Adequacy ratio of 31.77% as of March 2023
Disadvantages of Muthoot Finance Limited
Most of the loan portfolio is concentrated in South India (48% as of March 2023)
Moderation of growth in business in the recent past
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