Muthoot Finance

Muthoot Finance's net interest margin fell 4.64% to 12.8% in 2018

By Helgi Analytics - November 05, 2019

Muthoot Finance's net interest margin amounted to 12.8% in 2018, down from 13.5% compared to the previous year. Historical...

Muthoot Finance's price/earnings (P/E) rose 29.9% to 11.9 in 2018

By Helgi Analytics - November 05, 2019

Muthoot Finance stock traded at INR 615 per share at the end 2018 implying a market capitalization of USD 3,538 mil. Since the end of 2...

Muthoot Finance's customer loans rose 23.5% to INR 313,664 mil in 2018

By Helgi Analytics - November 05, 2019

Muthoot Finance's customer loans reached INR 313,664 mil in 2017, up 8.80% compared to the previous year. Indian banking sector...

Profit Statement 2016 2017 2018
Net Interest Income INR mil 34,595 44,752 48,805
Other Income INR mil 1,100 974 0
Total Revenues INR mil 35,696 45,725 48,805
Operating Profit INR mil 22,552 31,435 30,745
Provisions INR mil 2,967 2,712 0
Net Profit INR mil 11,998 17,841 20,780
Balance Sheet 2016 2017 2018
Interbank Loans INR mil 965 1,656 2,268
Customer Loans INR mil 288,289 313,664 387,225
Debt Securities INR mil 12,769 16,778 217
Total Assets INR mil 321,841 343,051 417,348
Shareholders' Equity INR mil 66,100 79,484 100,736
Interbank Borrowing INR mil 132,561 78,415 293,464
Customer Deposits INR mil 0 0 0
Issued Debt Securities INR mil 43,549 123,089 0
Ratios 2016 2017 2018
ROE % 19.6 24.5 23.1
ROA % 4.03 5.37 5.47
Costs (As % Of Assets) % 4.41 4.30 4.75
Costs (As % Of Income) % 36.8 31.3 37.0
Net Interest Margin % 11.6 13.5 12.8
Valuation 2016 2017 2018
Market Capitalisation (End Of Period) USD mil 2,169 2,558 3,538
Share Price (End Of Period) INR 368 406 615
Price/Earnings (P/E) 12.3 9.14 11.9
Price/Book Value (P/BV) 2.23 2.05 2.45
Earnings Per Share (EPS) 29.9 44.4 51.8
Book Value Per Share 165 198 251

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summary Unit 2012 2013 2014 2015 2016 2017 2018
income statement              
Net Interest Income INR mil 25,395 23,019 22,123 25,871 34,595    
Total Revenues INR mil 25,677 23,215 22,243 26,551 35,696    
Operating Profit INR mil 15,115 11,936 10,287 14,931 22,552    
Net Profit INR mil 10,042 7,801 6,710 8,145 11,998    
balance sheet              
Interbank Loans INR mil 825 354 202 491 965    
Customer Loans INR mil 265,176 219,964 237,448 248,587 288,289    
Debt Securities INR mil 11,482 11,640 11,550 14,679 12,769    
Total Assets INR mil 294,163 255,939 269,962 273,948 321,841    
Shareholders' Equity INR mil 37,356 42,646 51,130 56,600 66,100    
Interbank Borrowing INR mil 94,802 60,643 77,607 126,598 132,561    
Customer Deposits INR mil 0 0 0 0 0    
Issued Debt Securities INR mil 79,529 69,046 67,665 11,376 43,549    
ratios              
ROE % 26.9 19.5 14.3 15.1 19.6    
ROA % 3.41 2.84 2.55 2.99 4.03    
Costs (As % Of Assets) % 3.59 4.10 4.55 4.27 4.41    
Costs (As % Of Income) % 41.1 48.6 53.8 43.8 36.8    
Net Interest Margin % 8.63 8.37 8.41 9.51 11.6    
Interest Income (As % Of Revenues) % 98.9 99.2 99.5 97.4 96.9    
Equity (As % Of Assets) % 12.7 16.7 18.9 20.7 20.5    
Loans (As % Assets) % 90.1 85.9 88.0 90.7 89.6    
valuation              
Market Capitalisation (End Of Period) USD mil 1,246 1,035 1,307 1,075 2,169    
Number Of Shares (Average) mil 372 372 399 403 401    
Share Price (End Of Period) INR 184 172 206 177 368    
Earnings Per Share (EPS) 27.0 21.0 16.8 20.2 29.9    
Book Value Per Share 100 115 128 141 165    
Price/Earnings (P/E) 6.80 8.20 12.3 8.76 12.3    
Price/Book Value (P/BV) 1.83 1.50 1.61 1.26 2.23    
Earnings Per Share Growth % ... -22.3 -19.9 20.3 48.1    
Book Value Per Share Growth % ... 14.2 11.7 9.68 17.4    
income statement Unit 2012 2013 2014 2015 2016 2017 2018
income statement              
Interest Income INR mil 53,589 49,279 43,245 48,728 58,283    
Interest Cost INR mil 28,194 26,260 21,123 22,856 23,688    
Net Interest Income INR mil 25,395 23,019 22,123 25,871 34,595    
Other Income INR mil 282 196 120 680 1,100    
Total Revenues INR mil 25,677 23,215 22,243 26,551 35,696    
Operating Cost INR mil 10,563 11,279 11,956 11,621 13,143    
Operating Profit INR mil 15,115 11,936 10,287 14,931 22,552    
Provisions INR mil 0 0 0 1,664 2,967    
Extra and Other Cost INR mil 0 0 0.135 0 < -0.001    
Pre-Tax Profit INR mil 15,115 11,936 10,287 13,267 19,586    
Tax INR mil 5,072 4,135 3,571 5,088 7,513    
Minorities INR mil 0 0 5.00 33.4 74.8    
Net Profit INR mil 10,042 7,801 6,710 8,145 11,998    
growth rates              
Net Interest Income Growth % ... -9.35 -3.89 16.9 33.7    
Total Revenue Growth % ... -9.59 -4.19 19.4 34.4    
Operating Cost Growth % ... 6.78 6.00 -2.80 13.1    
Operating Profit Growth % ... 6.78 -8.80 45.1 51.0    
Pre-Tax Profit Growth % ... -21.0 -13.8 29.0 47.6    
Net Profit Growth % ... -22.3 -14.0 21.4 47.3    
market share              
Market Share in Revenues % 1.09 0.861 0.733 0.788 0.887   ...
Market Share in Net Profit % 1.70 1.45 1.23 1.98 ... ... ...
balance sheet Unit 2012 2013 2014 2015 2016 2017 2018
balance sheet              
Cash INR mil 13,420 20,489 17,571 7,140 16,449    
Interbank Loans INR mil 825 354 202 491 965    
Customer Loans INR mil 265,176 219,964 237,448 248,587 288,289    
Debt Securities INR mil 11,482 11,640 11,550 14,679 12,769    
Fixed Assets INR mil 3,030 3,270 2,757 2,459 2,674    
Total Assets INR mil 294,163 255,939 269,962 273,948 321,841    
Shareholders' Equity INR mil 37,356 42,646 51,130 56,600 66,100    
Of Which Minority Interest INR mil 0 0 289 377 719    
Liabilities INR mil 256,807 213,293 218,832 217,348 255,742    
Interbank Borrowing INR mil 94,802 60,643 77,607 126,598 132,561    
Customer Deposits INR mil 0 0 0 0 0    
Issued Debt Securities INR mil 79,529 69,046 67,665 11,376 43,549    
Other Liabilities INR mil 82,475 83,604 73,561 79,374 79,632    
growth rates              
Customer Loan Growth % ... -17.0 7.95 4.69 16.0    
Total Asset Growth % ... -13.0 5.48 1.48 17.5    
Shareholders' Equity Growth % ... 14.2 19.9 10.7 16.8    
market share              
Market Share in Customer Loans % 0.480 0.342 0.335 0.312 0.349   ...
Market Share in Total Assets % 0.339 0.253 0.242 0.217 0.227   ...
Market Share in Customer Deposits % 0 0 0 0 0   ...
ratios Unit 2012 2013 2014 2015 2016 2017 2018
ratios              
ROE % 26.9 19.5 14.3 15.1 19.6    
ROA % 3.41 2.84 2.55 2.99 4.03    
Costs (As % Of Assets) % 3.59 4.10 4.55 4.27 4.41    
Costs (As % Of Income) % 41.1 48.6 53.8 43.8 36.8    
Net Interest Margin % 8.63 8.37 8.41 9.51 11.6    
Interest Spread % ... 6.74 6.67 7.44 9.55    
Asset Yield % 18.2 17.9 16.4 17.9 19.6    
Cost Of Liabilities % ... 11.2 9.78 10.5 10.0    
Interest Income (As % Of Revenues) % 98.9 99.2 99.5 97.4 96.9    
Other Income (As % Of Revenues) % 1.10 0.842 0.540 2.56 3.08    
Equity (As % Of Assets) % 12.7 16.7 18.9 20.7 20.5    
Loans (As % Assets) % 90.1 85.9 88.0 90.7 89.6    
Cost of Provisions (As % Of Loans) % 0 0 0 0.685 1.11    
other data Unit 2012 2013 2014 2015 2016 2017 2018
other data              
Employees ... ... ... ... ... ...  

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Muthoot Finance's total revenues rose 6.74% to INR 45,725 mil in 2018

By Helgi Analytics - November 05, 2019

Muthoot Finance generated total banking revenues of INR 45,725 mil in 2017, up 28.1% compared to the previous year. Indian banking sector banking sector generated total revenues of INR 4,320,359 mil in 2017, up 7.41% when compared to the last year. ...

Muthoot Finance's customer deposits remain unchanged at INR 0 mil in 2018

By Helgi Analytics - November 05, 2019

Muthoot Finance's customer deposits reached INR 0 mil in 2017, down 0% compared to the previous year. Indian banking sector accepted customer deposits of INR 110,303 bil in 2017, up 3.61% when compared to the last year. Muthoot Finance accounted for 0% of...

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Finance

Muthoot Finance has been growing its revenues and asset by 22.5% and 15.1% a year on average in the last 3 years. Its loans and deposits have grown by 15.9% and 0% a year during that time and loans to deposits ratio reached at the end of 2018. The company achieved an average return on equity of 22.4% in the last three years with net profit growing 36.6% a year on average. In terms of operating efficiency, its cost to income ratio reached 37.0% in 2018, compared to 35.0% average in the last three years.

Equity represented 24.1% of total assets or 26.0% of loans at the end of 2018. Muthoot Finance's non-performing loans were of total loans while provisions covered some of NPLs at the end of 2018.

Valuation

Muthoot Finance stock traded at INR 615 per share at the end of 2018 resulting in a market capitalization of USD 3,538 mil. Over the previous five years, stock price rose by 258% or 29% a year on average. That’s compared to an average ROE of 19.3% the bank generated for its shareholders. This closing price put stock at a 12-month trailing price to earnings (PE) of 11.9x and price to book value (PBV) of 2.45x in 2018.