SOVEREIGN DEBT RESTRUCTURING | MASTERCLASS

A deep dive masterclass on sovereign debt restructuring, to be conducted virtually by Asian high yield bond expert Florian Schmidt.

30 June 2022 (Thu), 5pm Singapore/HK time

India-based gold financing company Muthoot Finance reported a standalone quarterly net profit dip of 3.6% YoY to INR 9.6bn ($120mn) during the quarter ending March 2022. The total income of the NBFC (non-banking finance company) declined to INR 26.69bn ($340mn), down 5.77% YoY. Consolidated loan assets stood at INR 644.9bn ($8.3bn), 11% higher YoY, Gold loan assets stood at INR 575.3bn ($7.4bn), a 10% YoY growth. During the quarter, loan assets grew by 6% QoQ to INR 33.7bn ($430mn). The company said that it remains optimistic about registering a growth of 12-15% in gold loan AUM for FY 2023. Muthoot MD, George Alexander said, “The [Q4 FY22] results were steady. The company had disbursed fresh loans to 400k new customers amounting to INR46.64bn ($600mn) and to 489k inactive customers amounting to INR47.59bn ($610mn)… collections from Microfinance, vehicle finance and home loans have improved… will continue to adopt a balanced growth strategy and given the ongoing macro-economic environment”. Muthoot’s capital adequacy ratio was at 29.97% as of March 2022.

Muthoot’s dollar bonds were higher with its 4.4% 2023s up 0.52 points to 98.77, yielding 5.42%.

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