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Muthoot Finance

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Muthoot Finance
Company typePublic
IndustryFinancial services
Founded1939; 85 years ago (1939)
HeadquartersKochi, Kerala, India
Key people
ProductsMortgage loans, Insurance, Mutual funds;
RevenueIncrease ₹12,237 crore (US$1.5 billion) (FY22)[1]
Increase ₹9,666 crore (US$1.2 billion) (FY22)[1]
Increase ₹4,031 crore (US$480 million) (FY22)[1]
Total assetsIncrease ₹54,881 crore (US$6.6 billion) (2020)[2]
Total equityIncrease ₹11,414 crore (US$1.4 billion) (2020)[2]
Number of employees
25,554 (2020)[2]
ParentThe Muthoot Group
Subsidiaries
  • Muthoot Homefin (India) Limited
  • Muthoot Insurance Brokers Private Limited
  • Belstar Microfinance Limited
  • Asia Asset Finance plc
[3]
Websitewww.muthootfinance.com

Muthoot Finance Ltd is an Indian financial corporation and the largest gold loan NBFC in the country.[4] In addition to financing gold loans, the company offers other forms of loans, insurance and money transfer services, and sells gold coins. The company is headquartered in Kochi, Kerala and operates over 5000 branches throughout the country. Outside India, Muthoot Finance is established in the UK, the US, and the United Arab Emirates.

The company falls under the brand umbrella of the Muthoot Group. Its stocks are listed on the BSE and NSE since its initial public offering in 2011.[5][6] The target market of Muthoot Finance includes small businesses, vendors, farmers, traders, SME business owners, and salaried individuals.

Corporate background

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Muthoot Finance branch in Swargate, Pune
Muthoot Finance branch in Swargate, Pune

The company was incorporated as a private limited company on 14 March 1997 with the name "The Muthoot Finance Private Limited" under the Companies Act.[7]

On 18 November 2008, the company was converted into a public limited company with the name "Muthoot Finance Limited".[8] During the year 2009–10, the company added 620 new branches.[9]

In 2014, Muthoot Finance acquired a majority stake in Asia Asset Finance plc, a Sri Lankan publicly-listed financial services company.[10]

In July 2016, Muthoot Finance acquired 46.83% of the capital of Belstar Investment and Finance Private Limited (BIFPL).[11]

In May 2018, Muthoot Finance acquired Muthoot Money, a Non Deposit taking Non-Banking Financial Company.[12]

Awards and recognition

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  • Muthoot Finance won the Skoch Financial Inclusion Award 2013[13] in recognition of its major initiative in the area of 'Access to Banking and Financial Services' to the aam aadmi who had been excluded from the country's banking network for decades.[14]
  • In 2012, Muthoot Finance was voted the most trusted finance brand in India[15] according to the Brand Trust Report 2012, a study conducted by Trust Research Advisory. In the Brand Trust Report 2013 however, Muthoot Finance was voted second-most trusted finance brand in India,[16] but it regained its place as India's most trusted finance brand in the Brand Trust Report 2014.[17]
  • In 2012, the company won the Asian Sustainability Leadership Award[18] for "Best Rural Outreach.[19]
  • BFSI Award for the "Most Admired Loyalty Program" in 2012 at The Asian Leadership Awards heald at Dubai.[20]
  • Golden Peacock Award for CSR being conferred upon Muthoot Finance Ltd. in the financial services sector at the 7th International Conference on Social RESPONSIBILITY at the Dubai Global Convention 2012[21]
  • In 2013 company won the Golden Peacock Award "HR Excellence for 2013",[22] which recognizes the continuing commitment by business to conduct itself ethically and contribute to economic development, while improving the quality of life of the workforce.[23]

Philanthropy

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All of the philanthropic activities of Muthoot Finance are conducted through the Muthoot M George Foundation, which also conducts tree plantation drives[24] and offers scholarships[25] to the needy on a regular basis. The company is also involved in various philanthropic initiatives, which focus on education through M George Foundation,[26] environment, health, financial assistance and eco-friendliness.[27] With the assistance of the Credai Clean City Movement, the company is associated with the concept of an E-toilet, which was a public sanitation initiative.[28] Additionally, the company holds regular agricultural seminars by the name of "Ente Adukkalathottum" ("My Kitchen Garden") which educates farmers on the effects of pesticide residues in food and how to counter that for healthier living. It has also been actively involved in helping cancer patients, as well as individuals diagnosed with from kidney diseases, by financially covering medical expenses.[29]

The company runs the Kochi Chapter of the "Horn Not Ok Please" initiative, which raises awareness on the harmful effects of vehicular noise pollution.[30] The company has also launched a Centre for Promoting/Creating Road Traffic Awareness at the office of the Asst. Commissioner of Police in Kochi to help raise awareness about road safety and the prevention of traffic accidents.[31][32]

In 2012, the Muthoot Group launched the first Paul George Memorial Tournament,[33] which was aimed at Government School Children in the Delhi NCR region. The winners of the tournament were given scholarships.[34]

References

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  1. ^ a b c "Muthoot Finance Q4 profit slides to Rs 1,006 cr as interest income falls". Business Standard. Retrieved 25 August 2023.
  2. ^ a b c "Muthoot Finance Ltd. Financial Statements". moneycontrol.com.
  3. ^ "Muthoot Finance". muthootfinance.com. Retrieved 1 August 2020.
  4. ^ "Muthoot Finance cashback scheme launched for customers amid COVID-19 pandemic". Zee Business. 14 July 2020.
  5. ^ "Indian Billionaire George Muthoot's Pot of Gold". Forbes. Retrieved 11 February 2023.
  6. ^ "Muthoot Finance sets IPO price band at Rs 160-175 per share". Business Today. 13 April 2011. Retrieved 11 February 2023.
  7. ^ "Muthoot Finance History". The Economic Times.
  8. ^ "Muthoot Finance Ltd". Moneycontrol. Retrieved 20 July 2020.
  9. ^ "Muthoot Finance Ltd". Business Standard.
  10. ^ "Muthoot Finance acquires Sri Lankan company". The Hindu. 31 December 2014. Retrieved 25 August 2023.
  11. ^ "Muthoot Finance Ups Stake in Belstar Investment". NDTV.com. 27 July 2016.
  12. ^ "Muthoot Finance acquires Muthoot Money". Business Standard. 30 October 2018.
  13. ^ "Muthoot Finance, the flagship company of Muthoot Group, won the coveted Skoch Financial Inclusion Award". HT Syndication.
  14. ^ "Muthoot Finance, the flagship company of Muthoot Group, won the coveted Skoch Financial Inclusion Award". The Times of India.
  15. ^ "India's Most Trusted BFSI Brands 2012".
  16. ^ "India's Most Trusted BFSI Brands 2013". Trust Research Advisory.
  17. ^ "India's Most Trusted BFSI Brands 2014". Archived from the original on 24 October 2014.
  18. ^ "Muthoot Finance, Asian sustainability award". Award Website.
  19. ^ "Muthoot Finance, bags award for rural outreach". The Hindu.
  20. ^ "Muthoot Finance, bags 2 prestigious awards". Rupee Times.
  21. ^ "Muthoot Finance receives Golden Peacock Award for CSR". India Infoline.
  22. ^ "Muthoot Finance bags Golden Peacock Award for 'HR Excellence". Money Works4me.
  23. ^ "Muthoot Finance wins HR excellence award". Business Standard.
  24. ^ "Grow Trees NGO Testimonials". Grow Trees.
  25. ^ "Muthoot Foundation to award scholarships". Business Standard. 24 November 2010. Retrieved 25 January 2014.
  26. ^ "Muthoot M George Foundation announced the launch of Muthoot M George Excellence Scholarships". Business Standard. 24 November 2010.
  27. ^ "Muthoot Finance CSR profile". CSR Identity.
  28. ^ ... "NATIONAL / KERALA : e-toilet opened in Children's Park". The Hindu. 5 February 2012. Retrieved 31 January 2013. {{cite web}}: Check |url= value (help)
  29. ^ "NATIONAL / KERALA : Muthoot M George Foundation". NGO. Retrieved 25 January 2014.
  30. ^ "NATIONAL / KERALA : Horn Not OK Please', a poster designing competition". The Hindu. 5 February 2012. Archived from the original on 21 February 2014. Retrieved 31 January 2013.
  31. ^ "Poster designing". The Hindu. Retrieved 2 February 2013.
  32. ^ "In Kochi, Horn Not OK Please". kochivibe.com. Retrieved 2 February 2013.
  33. ^ "NATIONAL / DELHI: Sehwag inaugurates Paul George Memorial Tournament". Zee News. 14 October 2013. Retrieved 25 January 2014.
  34. ^ "T20 cricket tournament for government school students". Sports.ndtv.com. 19 October 2012. Retrieved 31 January 2013.
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