MANAPPURAM

Sept 17 (Reuters) - Manappuram Finance Ltd MNFL.NS:

• MANAPPURAM FINANCE LTD - RBI APPROVES MANAGEMENT CHANGE AT MANAPPURAM FINANCE

Source text: ID:nBSE759pbc

Further company coverage: MNFL.NS

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Aug 8 (Reuters) - Manappuram Finance Ltd MNFL.NS:

• JUNE QUARTER CONSOL NET PROFIT 1.38 BILLION RUPEES

• JUNE QUARTER CONSOL TOTAL REVENUE FROM OPERATIONS 22.62 BILLION RUPEES

Source text - https://bit.ly/45uG7Ig

Further company coverage: MNFL.NS

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June 24 (Reuters) - Manappuram Finance Ltd MNFL.NS:

• INDIA COMPETITION REGULATOR: APPROVES PROPOSED COMBINATION FOR ACQUISITION IN MANAPPURAM FINANCE, MANAPPURAM ASSET FINANCE BY BAIN CAPITAL

Source text: [ID:]

Further company coverage: MNFL.NS

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** Shares of Muthoot Finance MUTT.NS settle 4% higher at 2,542.90 rupees

** Gold loan provider's market capitalisation crosses 1 trillion rupees after recent rally; last at 1.02 trillion rupees

** RBI on Friday relaxed norms for small-ticket loans

** Stock on track to rise for seventh straight session, gaining 23% in the period

** Rally began after country's finance ministry sought easing of RBI proposals on gold loans in late May

** MUTT up 19% YTD vs 40% rise in rival Manappuram Finance MNFL.NS

(Reporting by Nishit Navin in Bengaluru)

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** Shares of Indian gold financiers jump

** Manappuram Finance MNFL.NS up ~3%, while Muthoot Finance MUTT.NS and IIFL Finance IIFL.NS jump ~7% and ~5%, respectively

** Reserve Bank of India will finalise regulations on gold loans by early next week, chief Sanjay Malhotra says

** Adds aims to increase loan-to-value ratio to 85% from 75% currently for loans below 250,000 rupees ($2,916)

** Loan-to-value ratio compares the loan amount to the asset's value

** The proposal of a higher LTV is a big positive and will boost credit growth for gold lenders, especially Muthoot and Manappuram, says Elara Securities analyst Shweta Daptardar

** No credit appraisals required for loans up to 250,000 rupees also positive for these lenders with minimal disruption to existing operational systems, Daptardar adds

** On an avg, MUTT is rated "buy", MNFL "hold" and IIFL "strong buy" - data compiled by LSEG

** YTD MUTT up 14%, MNFL up 28% and IIFL 8% higher

($1 = 85.7180 Indian rupees)

(Reporting by Hritam Mukherjee in Bengaluru)

(([email protected];))

** Indian gold loan financiers up between 2% to 8%

** Federal finance ministry seeks relaxation in the new rules on gold loans proposed by the central bank

** Muthoot Finance MUTT.NS up 7.59%, Manappuram Finance MNFL.NS up 3.1% and IIFL Finance up IIFL.NS up 2.16%

** Central bank, in April, proposed tighter rules for monitoring and disbursement of gold loans, often used by low income borrowers

** Finance Ministry proposes small ticket borrowers below 200,000 rupees ($2344.05) should be excluded from the tighter rules to ensure speedy disbursements

** Final rules by central bank yet to be issued as it seeks comments

** MUTT said in mid-May that the proposed central bank regulations could drive borrowers away from formal lenders to unregulated players

(Reporting by Ananta Agarwal in Bengaluru)

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** Gold loan providers Muthoot Finance MUTT.NS and IIFL Finance IIFL.NS extend losses from Wednesday, losing 6% and 1.2% respectively; markets shut on Thursday

** Manappuram Finance MNFL.NS inches up 0.2%

** India's central bank proposed stricter rules for gold loan providers on Wednesday, including cap of 75% on loan-to-value ratio, standardised procedure to assess gold purity, rules on collateral management

** Kotak Institutional Equities downgrades MUTT to 'ADD' from 'BUY', moderating growth and margin assumptions

** Says it expects overhang of regulatory changes to temper stock performance

** Macquarie says LTV rules could reduce effective LTV of product given buffers needed for gold price fluctuations, interest payments, while new rules on collateral management could hit potential demand

** Muthoot Finance fell 6.7%, IIFL Finance lose 2.5%, Manappuram Finance declined 1.8% on Wednesday after RBI proposal

** Broader market .NSEI climbs 1.6% on Friday on U.S. tariff reprieve .BO

(Reporting by Chris Thomas in Bengaluru)

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** Shares of Muthoot Finance MUTT.NS tank 10%, IIFL Finance IIFL.NS slide 7% and Manappuram Finance MNFL.NS dip 3%
** In its monetary policy review on Wednesday, India's central bank said it will to issue comprehensive regulations on prudential norms and conduct-related aspects for gold loan providers
** Reuters reported last month that the Reserve Bank of India plans to ask lenders to follow stricter underwriting processes for gold loans

** This is MUTT's worst one-day pct drop since August 2022, IIFL's worst pct fall since March 2024

** MUTT down 3.2% YTD, IIFL down 24.4% YTD.

** YTD, MNFL up 18%

(Reporting by Sethuraman NR in Bengaluru)

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March 25 (Reuters) - Manappuram Finance Ltd MNFL.NS:

• FITCH RATINGS: BAIN CAPITAL'S PLAN TO ACQUIRE STAKE IN MANAPPURAM FINANCE COULD HELP TO ALLAY MANAGEMENT SUCCESSION UNCERTAINTY IN MANAPPURAM FINANCE

• FITCH RATINGS: NEW EQUITY RAISED SHOULD SUPPORT MANAPPURAM FINANCE'S CAPITAL BUFFER, GROWTH PROSPECTS

• FITCH: INTENDED REFRESH OF MANAPPURAM FINANCE'S EXEC TEAM COULD RAISE CONTINUITY RISKS IF NOT SMOOTHLY MANAGED

Source text: [ID:]

Further company coverage: MNFL.NS

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March 21 (Reuters) - Shares of Manappuram Finance MNFL.NS jumped about 6% in early trade on Friday, following the announcement that Bain Capital will acquire an 18% stake in the company at a premium to the stock's last closing price, prompting analysts to raise their price targets on the company.

Manappuram shares gained as much as 5.8% to 230 rupees as of 9:23 a.m. IST, hitting their highest in over eight months. They were last up 1.3%.

Bain Capital will subscribe to Manappuram's shares and warrants at 236 rupees apiece, implying an almost 9% premium over its last trading price of 217.5 rupees, and will jointly control the company with existing promoters after the investment.

(Reporting by Manvi Pant in Bengaluru; Editing by Eileen Soreng)

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Adds details and background in paragraphs 3-8

March 20 (Reuters) - India's Manappuram Finance MNFL.NS said on Thursday Bain Capital would invest 43.85 billion rupees ($508 million) to acquire an 18% stake in the gold loan provider at a time record prices of the precious metal has made its mortgaging appealing.

The asset manager will subscribe to Manappuram's shares and warrants at 236 rupees apiece, implying a 30% premium over its six-month average trading price.

Bain Capital will be classified as a promoter of the company post-investment and will jointly control it with existing promoters.

Households in India, the world's second-biggest gold consumer, typically buy bullion during festivals and weddings. Record prices make gold loans more attractive.

Indian gold loan market is expected to reach around 14.19 trillion rupees by fiscal 2029 at a five-year compound annual growth rate of 14.85%, according to PwC.

The deal, expected to close by the second or third quarter of the next financial year, will trigger a mandatory open offer for the purchase of an additional 26% stake from existing shareholders at the same price, India's second-largest gold loan provider said.

Based on open-offer subscription, Bain Capital's stake post-investment will vary between 18% and 41.7%. Manappuram's promoters, which include its managing director and chief executive V P Nandakumar, will hold a 28.9% stake in the company.

After the deal, Bain Capital will also have the right to influence strategic decisions at the company, including the right to nominate for appointment of key posts such as the CEO.

Separately, Manappuram's microfinance arm Asirvad Micro Finance said it would withdraw its initial public offering draft papers due to uncertain market conditions.

($1 = 86.3290 Indian rupees)

(Reporting by Nishit Navin; Editing by Anil D'Silva and Shilpi Majumdar)

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** Shares of Muthoot Finance MUTT.NS rise 2.4% to 2235 rupees, set to snap three-straight days of losses

** Gold loans financier gets the Reserve Bank of India's permission to open 115 new branches

** Avg. analysts' rating on the stock is "Buy" vs "Hold" on peer Manappuram Finance MNFL.NS; median PT on MUTT is 2490.5 rupees - LSEG data

** Stock up 4% so far this year, after a 45% jump last year

(Reporting by Aleef Jahan in Bengaluru)

(([email protected]))

** Shares of Manappuram Finance MNFL.NS climb as much as 3.8% to 209 rupees, last up 2.7%

** Bain Capital is nearing deal worth $1 bln with top shareholders of MNFL, The Economic Times newspaper reported

** Deal to acquire controlling stake in the gold loan financier, report added, citing sources

** Manappuram and Bain did not immediately respond to Reuters requests for comments

** Over 17.6 mln shares traded vs 30-day avg of 12.7 mln shares

** MNFL rated "hold" on avg, peer Muthoot Finance MUTT.NS rated "buy" - LSEG data

** Year-to-date, MNFL, MUTT up ~7%, ~4%, respectively

(Reporting by Manvi Pant in Bengaluru)

(([email protected]; +918447554364;))

** Shares of gold loan provider Manappuram Finance MNFL.NNS fall 11% this week, set for worst week since mid-Oct

** On the day, co down 5.1% at 184.1 rupees after third-quarter profit miss, hurt by stress in its microfinance business

** Of 13 analysts covering the stock, at least four downgraded MNFL after results; however, avg rating is "buy" - LSEG data

** YTD stock has lost 2.4%

(Reporting by Hritam Mukherjee in Bengaluru)

(([email protected];))

BENGALURU, Feb 13 (Reuters) - Indian gold loan financier Manappuram Finance MNFL.NS reported a third-quarter profit that missed analysts' estimates on Thursday, hurt by the stress in its microfinance business, including a quarter-long ban from issuing loans.

The company's consolidated net profit halved to 2.82 billion rupees ($32.5 million) in the quarter, missing analysts' average estimate of 4.59 billion rupees, as per data compiled by LSEG.

Indian lenders have seen rising default rates in microfinance loans, or collateral-free small loans to borrowers, following a period of aggressive lending in the segment.

Bad loans and provisions in Manappuram's microfinance unit surged four-fold to 4.73 billion rupees, accounting for a large chunk of total company-wide provisions of 5.55 billion rupees in the October to December quarter.

At the start of the period, the Reserve Bank of India (RBI) had barred the unit from sanctioning and disbursing loans due to "usurious" pricing and for charging a significant mark-up over funding costs. The RBI lifted the ban last month.

As a result, revenue in its microfinance business dropped around 5% to 6.65 billion rupees in the quarter.

However, revenue from Manappuram's gold loan portfolio, which contributes 75% of total revenue, rose 17%, aided by gold prices jumping to record highs.

Rising gold prices increase how much a customer can borrow against bullion, benefiting gold financiers in terms of loans issued.

The company's net interest income rose 5%.

While Manappuram missed analysts estimates, its larger rival Muthoot Finance MUTT.NS rode the increase in gold prices to report a bigger-than-expected quarterly profit on Wednesday.

($1 = 86.8680 Indian rupees)

(Reporting by Nishit Navin; Editing by Savio D'Souza)

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Adds RBI lifting restrictions on Kotak Mahindra Bank

Jan 9 (Reuters) - The Reserve Bank of India has started to ease curbs on non-banking financial companies (NBFCs) and banks after they improved their compliance following a series of supervisory restrictions.

High interest rates and tighter regulations have been cited as contributors to weak demand and a slowdown in India's economic growth, including by the federal finance ministry in a recent report.

The Indian central bank also got a new chief in December with Sanjay Malhotra taking over from Shaktikanta Das.

The following is a list of companies whose restrictions have been removed by the RBI.

KOTAK MAHINDRA BANK

The Reserve Bank of India on Wednesday lifted restrictions on Kotak Mahindra Bank KTKM.NS that had barred the lender from taking on new customers via its online and mobile banking channels, and from issuing new credit cards.

RBI had imposed business restrictions on the lender , asking it to stop adding clients through its online and mobile banking channels and issuing credit cards due to gaps in its IT infrastructure.

ASIRVAD MICRO FINANCE, DMI FINANCE, AROHAN FINANCIAL SERVICES, NAVI FINSERV

The RBI, last month, removed restrictions imposed on DMI Finance and Manappuram Finance-owned MNFL.NS Asirvad Micro Finance with immediate effect.

The regulator had in October barred the two companies, along with Arohan Financial Services and Navi Finserv, from sanctioning and disbursing loans due to "usurious" pricing and charging a significant mark-up over their funding costs.

The same restrictions on Arohan were lifted last week, and from Navi in December.

EDELWEISS ASSET RECONSTRUCTION, ECL FINANCE

The central bank last month lifted restrictions on Edelweiss Asset Reconstruction and ECL Finance, first imposed in May 2024, which barred them from acquiring financial assets or undertaking structured transactions.

The regulator was satisfied with the measures taken to address what it had called "evergreening" of distressed loans.

JM FINANCIAL

A unit of financial services firm JM Financial JMSH.NS in October resumed financing activities related to shares and debentures, including loans for IPO subscriptions after the central bank ended restrictive measures.

The RBI in March barred JM Financial Products from issuing such loans, due to regulatory violations and governance concerns.

IIFL FINANCE

In September, the RBI permitted IIFL Finance to resume issuance of gold loans.

The central bank had barred it from offering gold loans in March, citing concerns about its assessment of gold collateral and violations of the maximum permitted loan-to-value ratio, among other issues.

BAJAJ FINANCE

The RBI in May reversed curbs imposed on India's largest NBFC, Bajaj Finance, allowing it to restart loan disbursals under two of its lending products.

The restrictions were levied in November 2023 due to non-adherence with the central bank's digital lending guidelines.

(Reporting by Nandan Mandayam and Kashish Tandon in Bengaluru; Editing by Varun H K)

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Jan 9 (Reuters) - The Reserve Bank of India has started to ease curbs on non-banking financial companies (NBFCs) after they improved their compliance following a series of supervisory restrictions.

High interest rates and tighter regulations have been cited as contributors to weak demand and a slowdown in India's economic growth, including by the federal finance ministry in a recent report.

The Indian central bank also got a new chief in December with Sanjay Malhotra taking over from Shaktikanta Das.

The following is a list of companies whose restrictions have been removed by the RBI.

ASIRVAD MICRO FINANCE, DMI FINANCE, AROHAN FINANCIAL SERVICES, NAVI FINSERV

The RBI on Wednesday removed restrictions imposed on DMI Finance and Manappuram Finance-owned MNFL.NS Asirvad Micro Finance with immediate effect.

The regulator had in October barred the two companies, along with Arohan Financial Services and Navi Finserv, from sanctioning and disbursing loans due to "usurious" pricing and charging a significant mark-up over their funding costs.

The same restrictions on Arohan were lifted last week, and from Navi in December.

EDELWEISS ASSET RECONSTRUCTION, ECL FINANCE

The central bank last month lifted restrictions on Edelweiss Asset Reconstruction and ECL Finance, first imposed in May 2024, which barred them from acquiring financial assets or undertaking structured transactions.

The regulator was satisfied with the measures taken to address what it had called "evergreening" of distressed loans.

JM FINANCIAL

A unit of financial services firm JM Financial JMSH.NS in October resumed financing activities related to shares and debentures, including loans for IPO subscriptions after the central bank ended restrictive measures.

The RBI in March barred JM Financial Products from issuing such loans, due to regulatory violations and governance concerns.

IIFL FINANCE

In September, the RBI permitted IIFL Finance to resume issuance of gold loans.

The central bank had barred it from offering gold loans in March, citing concerns about its assessment of gold collateral and violations of the maximum permitted loan-to-value ratio, among other issues.

BAJAJ FINANCE

The RBI in May reversed curbs imposed on India's largest NBFC, Bajaj Finance, allowing it to restart loan disbursals under two of its lending products.

The restrictions were levied in November 2023 due to non-adherence with the central bank's digital lending guidelines.

(Reporting by Nandan Mandayam in Bengaluru; Editing by Varun H K)

(([email protected]; Mobile: +91 9591011727;))

BENGALURU, Jan 8 (Reuters) - India's central bank said on Wednesday it has removed restrictions imposed on non-banking financial companies Asirvad Micro Finance and DMI Finance against any fresh loan sanctions and disbursals with immediate effect.

(Reporting by Nishit Navin; Editing by Krishna Chandra Eluri)

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Dec 20 (Reuters) - Manappuram Finance Ltd MNFL.NS:

• RBI: IMPOSES MONETARY PENALTY OF 2 MILLION RUPEES ON MANAPPURAM FINANCE

Source text: [ID:]

Further company coverage: MNFL.NS

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BENGALURU, Nov 14 (Reuters) - Indian gold loan provider Muthoot Finance MUTT.NS reported a 26% rise in its second-quarter profit on Thursday, boosted by strong loan demand, and raised its gold loan growth forecast for the financial year 2025.

The company's standalone quarterly profit rose to 12.51 billion rupees from 9.91 billion rupees a year earlier.

This was largely in line with analysts' average estimate of 12.58 billion rupees, according to data compiled by LSEG.

Domestic gold MAUc1 prices surged to record highs during the quarter, driving loan growth for lenders such as Muthoot Finance and Manappuram Finance MNFL.NS.

Rising prices of bullion benefit gold financiers as they increase the value of collateral gold and as more customers seek loans against higher-valued assets.

The company also revised its annual forecast for gold loan growth to 25% from a prior view of 15%, Managing Director George Alexander Muthoot said in a statement.

Muthoot's standalone loan assets under management jumped about 31% to 901.97 billion rupees as of the quarter ended Sept. 30, helped by a 28% jump in its core gold loan portfolio.

The company's interest income rose about 35% to 40.69 billion rupees.

Earlier this month, Manappuram Finance reported an unexpected growth in second-quarter profit as strong performance in its mainstay gold loan segment offset higher provisions.

Shares of Muthoot Finance ended 0.3% higher ahead of the results on Thursday.

(Reporting by Nishit Navin and Dimpal Gulwani; Editing by Shreya Biswas)

(([email protected];))

Nov 5 (Reuters) - India's Manappuram Finance MNFL.NS reported an unexpected growth in second-quarter profit on Tuesday, as strong performance in its mainstay gold loan segment offset higher provisions.

The gold loan financier's consolidated net profit rose 2% from last year to 5.71 billion rupees (about $68 million) for the three months ended Sept. 30.

Analysts were expecting a profit of 5.31 billion rupees as per data compiled by LSEG, a decline of 4.8%.

Domestic gold MAUc1 prices surged to record highs during the quarter, driving loan growth for lenders including Manappuram Finance.

Rising prices of bullion benefit gold financiers as they increase the value of collateral gold, and as more customers seek loans against higher-valued assets.

Revenue from the company's gold loan portfolio rose about 21% to 18.56 billion rupees, contributing about 70% of overall revenue.

Meanwhile, microfinance loans, or collateral-free loans to borrowers with annual incomes up to 300,000 rupees, jumped 22.6% to 7.81 billion rupees. The segment contributes 29.6% of revenue.

The company's consolidated assets under management rose 17.4% to 457 billion rupees, and its net interest income also jumped about 17.4%.

This offset a 117.5% growth in provisions for bad loans to 2.60 billion rupees. Impairments in its Asirvad Micro Finance unit jumped by 121.8%, the company said in an earnings statement.

Indian lenders like IndusInd Bank INBK.NS and Kotak Mahindra Bank KTKM.NS have flagged concerns in the microfinance space which has led to higher provisions, hurting their quarterly earnings.

In October, the Reserve Bank of India barred Asirvad Micro Finance from sanctioning and disbursing loans due to "usurious" pricing and for charging a significant mark-up over funding costs.

Shares of Manappuram Finance closed 4% higher ahead of the results.

($1 = 84.0740 Indian rupees)

(Reporting by Dimpal Gulwani; Editing by Varun H K)

(([email protected];))

Oct 18 (Reuters) - Manappuram Finance's MNFL.NS shares slumped 16% on Friday, their biggest decline since March 2020, after the Indian central bank's lending restrictions on the company's unit triggered rating downgrades due to concerns over a potential hit to earnings.

The non-bank lender's shares fell as much as 18% to 145.42 rupees, their lowest in 10 months, before paring some losses.

The Reserve Bank of India (RBI) on Thursday barred four non-bank finance companies (NBFCs), including Manappuram's unit Asirvad Micro Finance, from sanctioning and disbursing loans due to "usurious" pricing and for charging a significant mark-up over their funding costs.

Asirvad contributes about 27% to Manappuram's consolidated assets under management (AUM), according to two brokerage estimates.

Brokerages including Morgan Stanley, Jefferies and Motilal Oswal downgraded their ratings on the stock and cut target prices after the RBI's move.

Manappuram, could see a rise in funding costs and may have to support Asirvad with funding, Morgan Stanley said in a note, downgrading the stock to "equal-weight" from "over-weight". It reduced its target price by 35% to 170 rupees.

"It (Manappuram) could also face loan growth moderation, tighter credit practices, and higher provisioning to give comfort to all stakeholders," Morgan Stanley analysts said.

Jefferies downgraded the stock to "hold" from "buy" and cut its target price by 38% to 167 rupees, saying a potential rise in defaults at Asirvad could hurt Manappuram's profit.

Asirvad is expected to see a 25% decline in AUM in 2025, Motilal Oswal said, downgrading the stock to "neutral" from "buy".

Manappuram shares are down 12% so far this year, compared to a 32% rise in rival Muthoot Finance MUTT.NS.

(Reporting by Dimpal Gulwani and Siddhi Nayak; Editing by Sonia Cheema)

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Corrects to non-bank lenders, from micro lenders, in headline and paragraph 1

By Swati Bhat and Siddhi Nayak

MUMBAI, Oct 17 (Reuters) - India's central bank barred four non-bank finance companies (NBFCs) from sanctioning and disbursing loans due to "usurious" pricing and breaching regulatory norms, it said in a release on Thursday.

The ban on Asirvad Micro Finance, Arohan Financial Services, DMI Finance and Navi Finserv is effective from the close of business on Oct. 21, the Reserve Bank of India (RBI) said.

The companies' pricing policies in terms of their weighted average lending rate (WALR) and the interest spread charged over their cost of funds were found to be excessive and did not adhere to regulations, the RBI said.

"In addition to usurious pricing, these NBFCs were variously found to be in non-adherence with the regulatory guidelines on assessment of household income and consideration of existing/ proposed monthly repayment obligations in respect of their microfinance loans," the RBI said.

It also noted deviations in terms of income recognition & asset classification (IR&AC) norms, which led to evergreening of loans, as well as how the firms managed their gold loan portfolio, handled mandated disclosures on interest rates and fees and outsourced core financial services, among other things.

The companies continued with these practices despite the RBI asking them, over the last few months, to use their regulatory freedom responsibly and ensure fair, reasonable and transparent pricing, especially for small-value loans, the regulator said.

None of the four NBFCs immediately replied to an email seeking comment.

The ban does not preclude the companies from servicing existing customers and carrying out collection and recovery processes as per rules, the RBI said.

The regulator said it would review its decision once the companies confirmed they had taken remedial action.

DMI Finance's total loan book was 118.43 billion rupees as of end March, while that of Asirwad, a unit of Manappuram Finance MNFL.NS, was at 102.95 billion rupees.

In August, DMI Finance had said it plans to raise funds from Japan's Mitsubishi UFJ Financial Group 8306.T at a valuation of about $3 billion to "ramp up" its lending.

(Reporting by Siddhi Nayak; Editing by Savio D'Souza)

(([email protected]; +91 22 6921 7848; Reuters Messaging: X: https://twitter.com/siddhiVnayak))

Adds details and context on RBI gold lender action in paragraph 4, 6-10

By Nandan Mandayam and Siddhi Nayak

Oct 1 (Reuters) - Shares of Indian non-bank gold lenders Manappuram Finance MNFL.NS and Muthoot Finance MUTT.NS dropped 2.9% and 3.6% early on Tuesday due to growth concerns, a day after the central bank found "several irregular practices" in the industry.

These irregularities, the Reserve Bank of India said, included the use of third parties to source and appraise gold loans, not valuing gold in the customer's presence and inadequate due diligence.

Those comments are "a sentimental negative for the gold lenders", brokerage Motilal Oswal said in a note.

The central bank gave lenders three months to fix the lapses and report back in order to avoid supervisory action.

"Tightening of these processes may affect growth, (and) asset quality recognition at gold financiers," Jefferies said in a note late on Monday.

Indian banks have consistently clocked double-digit loan growth over the past few months as strong economic growth helped drive retail loans.

The rate of growth in gold loans, however, has outshone the industry average, helped by bullion prices hitting record-highs.

For instance, outstanding loans against gold jewellery grew nearly 41% on-year in August, much higher than overall loan growth of 13.6% and also doubling from the 20.1% gold loan growth rate in August 2023, the RBI's latest data shows.

The RBI, worried about the risk of bad loans, has publicly warned all lenders against "all forms of exuberance".

It has previously taken action against gold loan companies, including barring IIFL Finance IIFL.NS in March, from offering such loans due to "material supervisory concerns".

While those restrictions were lifted last month after a special audit, it wasn't soon enough to prevent IIFL Finance from swinging to a net loss in its April-June quarter.

(Reporting by Nandan Mandayam in Bengaluru and Siddhi Nayak in Mumbai; Editing by Savio D'Souza)

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** Shares of IIFL Finance IIFL.NS were up 10.7% at 549 rupees in pre-open trade

** The non-bank finance co says India's central bank lifted the restrictions on co's gold loan business

** In March, RBI had ordered co to stop disbursing gold loans over "material supervisory concerns" in its gold loan portfolio

** IIFL stock has fallen ~5% since March 4, when the RBI action came in

** Year to date, IIFL is down ~5.5% vs Muthoot Finance MUTT.NS and Manappuram Finance MNFL.NS gaining ~37% and ~19%, respectively

(Reporting by Dimpal Gulwani in Bengaluru)

(([email protected]))

** IIFL Finance IIFL.NS slides 6.2% to 496 rupees

** Non-bank finance co faces downgrade risks as a regulatory ban on its gold loan business remains unresolved, Bloomberg News reports

** Report adds that a potential downgrade may pressure the firm's borrowing channels and could cut more than 9,000 jobs if ban persists

** In March, RBI ordered co to stop disbursing gold loans over "material supervisory concerns" in its gold loan portfolio

** Stock has declined ~14% since March 4, when the RBI action came in

** YTD, IIFL is down ~15% vs Muthoot Finance MUTT.NS and Manappuram Finance MNFL.NS gaining ~37% and ~19%, respectively

(Reporting by Dimpal Gulwani in Bengaluru)

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** Shares of Indian jewellers jump 4-20%; gold financers gain as much as 4%

** Gold at record high on US rate cut optimism

** Tribhovandas Bhimji Zaveri TBZL.NS surges 20% and PC Jeweller PCJE.NS jumps 5%, both hit exchange-allowed upper limit

** Kalyan Jewellers KALN.NS and Senco Gold SENC.NS climb 6.3% and 4.1%, respectively, hit record highs

** Gold financiers Muthoot Finance MUTT.NS and Manappuram Finance MNFL.NS advance 2.6% and ~4% respectively

(Reporting by Hritam Mukherjee in Bengaluru)

(([email protected];))

MUMBAI, Aug 16 (Reuters) - India's Manappuram Finance MNFL.NS has accepted bids worth 3.45 billion rupees ($41.11 million) for bonds maturing in two years, three bankers said on Friday.

It had invited coupon and commitment bids for the issue earlier in the day.

Here is the list of deals reported so far on Aug. 16:

*Size includes base plus greenshoe for some issues

($1 = 83.9210 Indian rupees)

(Reporting by Bhakti Tambe; Editing by Janane Venkatraman)

(([email protected]))

BENGALURU, Aug 13 (Reuters) - India's largest gold loan provider, Muthoot Finance MUTT.NS, reported a smaller-than-expected first-quarter profit on Tuesday, as higher impairment charges and finance costs outpaced strong loan demand on the back of elevated gold prices.

The company's profit rose about 11% to 10.79 billion rupees (nearly $129 million) for the quarter ended June 30.

Analysts had expected 11.71 billion rupees, according to LSEG data.

Muthoot recorded a more than two-fold jump in impairment charges stemming from excess provisions on loan assets made in previous accounting periods.

Finance costs also rose 27%, as Indian lenders faced pressure from borrowing costs that have stayed at elevated levels, with the central bank keeping the interest rates unchanged for nine straight policy meetings.

The two pushed total expenses 30% higher to 22.18 billion rupees.

Muthoot's standalone loan assets under management grew 25% year-on-year to 843.24 billion rupees on strong loan growth as India's gold prices soared to a record high and drove more customers to seek loans against their higher-valued assets.

Analysts also pointed to lower competitive intensity in the market after the central bank banned IIFL Finance IIFL.NS from disbursing gold loans in March, benefitting other gold loan players.

Muthoot's interest income rose 23.6% to 36.56 billion rupees.

Smaller rival Manappuram Finance MNFL.NS reported a rise in first-quarter profit on strong gold-loan growth.

Muthoot's shares ended 2% lower ahead of the results.

($1 = 83.9380 Indian rupees)

(Reporting by Dimpal Gulwani in Bengaluru; Editing by Janane Venkatraman )

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Aug 5 (Reuters) - Manappuram Finance Ltd MNFL.NS:

• TO CONSIDER ISSUE OF NON–CONVERTIBLE DEBENTURES

Further company coverage: MNFL.NS

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