JM Financial Q4 Review - Exits FY21 With Well Contained Stress Pool: ICICI Securities

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ICICI Securities Report

JM Financial Ltd. reported Q4 FY21 profit after tax of Rs 1.77 billion, up 35% YoY.

What encouraged:

1. Gross non performing assets (at 3.5%) settled near Q3 FY21 proforma levels and SMA-II pool sharply shrunk QoQ from 4.4% to 2.94%.
2. Company exited FY21 with 2.5% credit cost – mere Rs 395 million provisioning in Q4 FY21.
3. Mortgage lending assets under management witnessed sequential uptick; home loan scale-up continued.
4. Investment banking pipeline, cash equity market share retracement and wealth assets under administration ramp-up bodes well for investment banking, wealth management and securities business.

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