Consolidated loan book rose to Rs 11,014 crore from Rs 10,833 crore in June 2020, Vishal Kampani, group managing director said, adding the June quarter numbers are the highest quarterly net profit for the group.
PTI
July 28, 2021 / 09:50 PM IST
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JM Financial on Wednesday reported a consolidated net income of Rs 203.14 crore for the quarter to June, up 117 percent over the same period in 2020, primarily on account of a low base due to the nationwide lockdown in the pandemic-hit year.
Total income grew 43.6 percent to Rs 992.55 crore during the reporting period.
Its lending business saw the asset quality worsening, with gross NPAs almost doubling to 3.46 percent from 1.8 percent on-year, and net NPAs jumping to 1.89 percent from 1.22 percent, the company said in a statement.
The company made an additional gross provision of Rs 132 crore on account of the pandemic for the quarter, taking the total pandemic provisions to Rs 515 crore since last year.
Consolidated loan book rose to Rs 11,014 crore from Rs 10,833 crore in June 2020, Vishal Kampani, group managing director said, adding the June quarter numbers are the highest quarterly net profit for the group.
He said the investment banking vertical showed strong performance during the quarter and the pipeline is robust given the IPO rush, while the alternative and distressed credit businesses saw significant recovery and contributed to the overall profitability.
Mortgage lending book, comprising JM Financial Credit Solutions and JM Financial Home Loans, stood at Rs 7,614 crore.
JM Financial Asset Reconstruction Company has acquired total outstanding dues of Rs 62,116 crore at a consideration of Rs 17,477 crore, he said.
Wealth businesses AUM rose to Rs 78,320 crore from Rs 47,579 crore, of which private wealth management AUM stood at Rs 60,385 crore, while retail wealth management rose to Rs 17,276 crore from Rs 14,253 crore.
