Muthoot Microfin Opens its First Branch in Andhra Pradesh

5 Dariya News

Kochi 23-Aug-2024

Muthoot Microfin (NSE: MUTHOOTMF BSE: 544055), a leading microfinance institution in India, is proud to announce its foray in Andhra Pradesh with the opening of its first branch at Chodavaram. The inauguration ceremony took place in the distinguished presence of Mr. Udeesh Ullas, COO, Muthoot Microfin along with Mr. Subhransu Pattnayak, CHRO, Muthoot Microfin.

With the new branch, Muthoot Microfin has expanded its network to 20 states serving over 3.4 million customers. With this expansion, it aims to bring its expertise in micro-lending to Andhra Pradesh, fostering economic growth and development in the state.

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, helping them grow their small businesses, improve livelihoods, and contribute to their communities' inclusive growth.

The solutions are specifically designed to promote financial inclusion among women. Commenting on this strategic move, Mr. Sadaf Sayeed, CEO, Muthoot Microfin, said, “The opening of the Chodavaram branch underscores our focus on providing accessible and affordable financial services to women.

The branch will offer a range of microfinance solutions tailored to meet the specific needs of the local population, with a focus on quick turnaround times and hassle-free processing. With our maiden entry in Andhra Pradesh, we now have presence in all southern Indian states, and will continue to strengthen our position to better serve and empower the women in their quest to achieve financial independence”.

About Muthoot Microfin Limited:

Muthoot Microfin Ltd. is a part of Muthoot Pappachan Group (also known as Muthoot Blue) and is one of the leading listed MFIs in India. It has inherited values, principles of integrity, collaboration, and excellence to take forward the legacy of 138 years.

The microfinance operations of the Company are designed to promote entrepreneurship among women and inclusive growth. It provides financial assistance through micro loans such as income-generating loans to women engaged in small businesses.

It is involved in delivering financial services to masses including underprivileged and disadvantaged people, living in the rural sectors of the Indian society at affordable terms, in quick turnaround time and with hassle-free processing is the aim of our financial inclusion drive.

As on 30th June 2024, the Company had 3.4 million active customers served through 1,562 branches spread across 19 states and 362 districts with a Gross Loan Portfolio (GLP) of 12210.25 Cr. It is also part of S&P BSE Financial Services Index.

For more information, please contact:

Mr. Rajat Gupta | AVP – Investor Relations

Ms. Neethu Ajay

Muthoot Microfin Ltd.

Email: rajat.gupta@muthootmicrofin.com

Email: info@muthootmicrofin.com

www.muthootmicrofin.com

Caution Concerning Forward- Looking Statements:

This document includes certain forward-looking statements. These statements are based on management's current expectations or beliefs and are subject to uncertainty and changes in circumstances. Actual results may vary materially from those expressed or implied by the statements herein due to changes in economic, business, competitive, technological and/or regulatory factors.

The Company is under no obligation to, and expressly disclaims any such obligation to, update or alter its forward-looking statements, whether as a result of new information, future events, or otherwise.