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Rate cut to trigger growth: Muthoot
The New Indian Express Sambalpur
|January 06, 2025
KOCHI-BASED Muthoot Microfin is hopeful of better days ahead, even as the industry faces headwinds. The second largest micro lender expects the third interest rate reduction earlier last month to attract more customers and also improve collections.
The publicly listed company, with a loan book of ₹12,500 crore as of September 2024, lowered its lending rates for the third time this fiscal in December, by 25 bps to 23.05% for group loans and by 125 bps to 22.70% for third-party product loans.
This has crimped its margins to 13.24%. Earlier in January 2024, it had slashed the interest rate by 55 bps and then in July by 35 bps.
Sadaf Sayeed, chief executive of Muthoot Microfin, said that this steep rate reduction will crimp its margins but chose to pass on the benefits of cheaper funds to borrowers because with increased market borrowings our cost of funds has come down to 10.3% now.
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