Muthoot Microfin, on August 23, opened its first branch at Chodavaram in Andhra Pradesh. With the new branch, Muthoot Microfin has expanded its network to 20 states serving over 3.4 million customers.
With this expansion, the company is looking to bring its expertise in micro-lending to Andhra Pradesh. The new branch will focus on empowering low-income households and women-owned businesses by offering financial services tailored to their needs. Prioritizing women entrepreneurs, the branch will provide income generating loans and support to promote financial inclusion.
The solutions are specifically designed to promote financial inclusion among women.
Andhra Pradesh has had a history when it comes to MFI. The state saw pressure in the MFI business in 2010 after which the state government imposed severe restrictions on MFI activities.
In the first reporting quarter of fiscal year 2025, the lender reported a profit Rs 113 crore, recording a jump of 50.4 percent year-on-year (YoY) basis from Rs 96 crore last year. The total income of the microlender has also gone up from Rs 480 crore in Q1FY24 to Rs 641 crore in Q1FY25, witnessing a 33.5 percent.
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