Manappuram Finance reports a 12% Q1 net profit increase to ₹555 crore, driven by gold loan revenue growth.

Manappuram Finance, an Indian NBFC, reports a 12% increase in Q1 net profit to ₹555 crore, driven by strong gold loan growth. Gold loan revenue rose 23.5% to ₹1,737 crore, while microfinance revenue increased by 18% to ₹775 crore. The company's assets under management increased by 21.2% to ₹44,900 crore. Finance costs increased by 31%, and total expenses rose 28% due to India's central bank raising risk weights for bank loans given to NBFCs. Bad loan provisions increased by 80% to ₹229 crore.

August 13, 2024
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