Diversified financial services firm JM Financial has posted a 7.31 per cent rise in net profit of ₹139.06 crore in the second quarter ended September 30, riding mainly on its investment banking, Wealth Management and Securities (IWS) business.
“Despite a tough business environment, our investment banking, wealth management and securities businesses remained resilient by demonstrating strong performance. We continue to maintain liquidity buffers and healthy leverage ratios,” JM Financial Group Managing Director Vishal Kampani said.
JM Financial had posted a net profit of ₹129.59 crore during the comparable year-ago period. The company’s total income fell 5.64 per cent to ₹803.40 crore during the period under reviews, impacted by adverse conditions in the financial services sector.
The company’s total revenue for the year-ago period stood at ₹851.39 crore. As of September 30, its cash and cash equivalent stood at ₹2,831 crore.
JM Financial has made gross provisions of ₹298 crore on its balance sheet to deal with the uncertainties on account of Covid-19.
The Assets Under Administration (AUA) of private wealth management business stood at ₹54,015 crore. During the quarter, JM Financial also funded seven public issues wherein the aggregate amount of funding was around ₹21,469 crore. The total mortgage lending book stood at ₹7,526 crore.