JM Financial Q2 results: Net profit rises 7.3% to Rs 139 cr

JM Financial, a diversified financial services company, reported a 7.3 percent rise in its September quarter net profit, aided by a growth in investment banking, wealth management, and securities business, christened as IWS Business.

During the three-month period this year, JM’s net profits were at Rs 139.06 crore versus Rs 129.6 crore in the corresponding period a year ago.

IWS Business recorded about a 30 percent YoY jump in net profit before tax at Rs 118.31 crore.

“Despite the headwinds, our Investment banking, wealth management, and securities business have shown resilience by demonstrating strong performance,” said Vishal Kampani, managing director at JM Financial in a release. We continue to maintain liquidity buffers and healthy leverage ratios.”

The lender maintains a cash level of about Rs. 2,831 crore, which was 26% of total borrowings in the second quarter.

JM Financial’s loan book declined by 17.6% year on year to Rs.11,386 crore.