JM Financial has posted a 35.35 per cent rise in consolidated net profit of ₹176.71 crore for the fourth quarter ended March 31, 2021, compared with ₹130.56 crore recorded during the same period a year ago. The rise was led by continued momentum in its investment banking, wealth management and securities business (IWS) in the quarter.
During the quarter under review, the diversified financial services firm recorded a total income of ₹841.13 crore, marginally up from the ₹840.58 crore recorded during the three-month period of the last financial year, it said in a statement.
Vishal Kampani, Managing Director, JM Financial Group, said, “FY20-21 has been one of the most challenging years amidst uncertainties on account of Covid-19. In spite of the economic volatility during the year, the capital markets remained strong on the back of strong liquidity”.
“We are pleased to report that we have concluded the financial year on a positive note, banking on our diversified and resilient business model, with strong performance across our business segments. Our investment banking, wealth and securities businesses have done exceedingly well and our pipeline for these businesses is extremely healthy. Despite the challenges from Covid-19, we had strong recoveries in our distressed credit business in FY2020-21,” he added.
For the full year ended March 31, the firm’s consolidated net profit rose 8.29 per cent to ₹590.14 crore from ₹544.98 crore recorded during the same year-ago period. Its total income fell 6.57 per cent to ₹3,226.63 crore, as against ₹3,453.55 crore posted in FY20.
JM Financial’s board also recommended a dividend of ₹0.50 per share.
The firm’s consolidated net worth stood at ₹6,947 crore, while its consolidated loan book stood at ₹10,854 crore (₹11,531 crore) as of March 31, 2020. The company said it has made additional gross provisions of ₹208 crore on account of the uncertainties around Covid-19 for the year ended March 31, thereby taking the total provisions to ₹383 crore.