Muthoot Finance, India’s leading non-banking financial company (NBFC) with a storied 137-year legacy, and its Sri Lankan subsidiary, Asia Asset Finance PLC, proudly commemorate a decade of partnership. Over the past 10 years, this collaboration has revolutionized financial services across borders, fostering financial inclusion, delivering innovative solutions, and empowering communities through impactful initiatives.
Transformative Milestones and Achievements
The partnership has achieved remarkable milestones, demonstrating a shared commitment to excellence and growth. As of 30th September 2024, Asia Asset Finance PLC’s total asset base has expanded to LKR 32.28 billion (USD 107.188 million), representing an impressive 24.74% year-on-year growth. The loan portfolio grew by LKR 5.5 billion (USD 18.26 million), reaching a total lending base of LKR 26.1 billion (USD 86.67 million). These results underscore the company’s customer-centric approach and its success in delivering innovative lending solutions tailored to market needs.
The company’s Return on Equity (ROE) reached 16.38%, reflecting a remarkable 102% year-on-year increase. This exceptional performance highlights Asia Asset Finance’s robust financial strategy and its ability to drive value for shareholders while maintaining a strong focus on sustainable growth.
At the parent company level, Muthoot Finance continues to set benchmarks in the financial sector. Its consolidated Loan AUM has reached an extraordinary INR 1,041.49 billion (USD 12.6 billion), recording a 31% growth. The company also reported a Profit After Tax (PAT) of INR 25.17 billion (USD 304 million). With a branch network of 7,097 locations serving over 250,000 customers daily, Muthoot Finance has cemented its position as the largest gold loan provider in India among NBFCs and banks.
Driving Innovation and Financial Inclusion
By combining Muthoot Finance’s deep expertise and legacy of trust with Asia Asset Finance’s nuanced understanding of the Sri Lankan market, the partnership has introduced a range of tailored financial products. These include gold loans, fixed deposits, leasing, mortgage loans, and digital financial solutions. This synergy has enabled both entities to address diverse customer needs effectively while driving financial inclusion across communities.
Corporate Social Responsibility (CSR) initiatives have been a cornerstone of this collaboration, emphasizing the commitment to creating a positive societal impact. From empowering women entrepreneurs to supporting rural market outreach, the partnership’s CSR efforts have touched countless lives, fostering empowerment and economic upliftment.
Expanding Reach and Local Impact
Asia Asset Finance PLC now operates a robust 100-branch network across Sri Lanka, ensuring accessibility and a strong local presence. This extensive network has been instrumental in introducing innovative financial solutions while building trust within the communities it serves. The company’s Fitch Credit Rating of A+ and recognition as a “Great Place to Work” further validate its dedication to excellence and employee engagement.
Future-Focused Growth
As the partnership celebrates this significant milestone, both organizations are looking ahead to the future. Emphasizing digital transformation, the partnership is poised to transcend traditional financial boundaries by integrating advanced technologies into its products and services. Initiatives focused on empowering Sri Lankan women and elevating rural livelihoods through targeted outreach programs will remain central to its mission.
Reflecting on this achievement, Mr. George Alexander Muthoot, Group Managing Director of Muthoot Finance Ltd., remarked, “This milestone is a testament to our unwavering commitment to empowering lives and transforming communities. Together, we’ve built a partnership rooted in trust and innovation, and we look forward to deepening our impact in the years to come.”
Adding to this, Mr. Rajiv Gunawardena, CEO of Asia Asset Finance PLC, stated, “Over the last decade, we have achieved tremendous milestones. As we look to the future, we remain focused on delivering impactful solutions and continuing our journey of innovation and growth.”
Celebrating Success and Vision
The commemorative event will bring together senior leaders, stakeholders, and media representatives to celebrate the partnership’s achievements and future vision. The proceedings will be live-streamed on social media platforms to engage audiences across India, Sri Lanka, and beyond, highlighting the collaborative success story.
About Muthoot Finance and Asia Asset Finance
Established in 1887, Muthoot Finance is India’s largest gold financing company, trusted by millions for its innovative financial products and services. With over 7,000 branches across India, the company has consistently delivered excellence, earning its reputation as a leader in the financial services sector.
Asia Asset Finance PLC, with over five decades of expertise, offers an extensive portfolio of financial services, including gold loans, leasing, mortgage loans, fixed deposits, and cutting-edge digital financial solutions. Its strong presence across Sri Lanka and recognition as a “Great Place to Work” reflect its unwavering commitment to delivering value-driven financial solutions while fostering a culture of inclusivity and innovation.