Muthoot Microfin reduces lending rate by 35 bps

Muthoot Microfin reduced micro loan rates by 35 basis points to 23.3%, following a 55 basis point cut in January. CEO Sadaf Sayeed cited competitive funding from domestic and international lenders. They passed savings to new borrowers. Q1 net interest margin was 13.52%, 65 basis points more than last year, with Rs 9,804 crore in assets at March end.