Gold financier Manappuram Finance Ltd on Thursday reported a 62% decline in second-quarter net profit to ₹217.3 crore, compared with ₹572 crore a year earlier, weighed down by a fall in net interest income (NII).

The company’s NII fell 18.5% year-on-year to ₹1,408 crore during the quarter , down from ₹1,728 crore reported last year.

The weak quarterly performance comes despite record-high bullion prices, which have typically supported growth for gold loan lenders like Manappuram.

Spot gold prices are up 50% so far this year after hitting a record high of $4,381 a troy ounce on October 20 on safe-haven demand driven by geopolitical tensions, US tariff uncertainty and more recently a wave of fear-of-missing-out or ”FOMO” buying.

In the first quarter, Manappuram Finance had reported a

See Full Page