JM Financial has posted a 12.6 per cent rise in net profit at ₹142.72 crore on a consolidated basis for the quarter ended June 30, 2018, compared with ₹126.77 crore recorded during the same period a year ago.
During the reporting quarter, the financial services group’s total income rose 16.9 per cent to ₹855.34 crore, as against ₹731.63 crore posted during the first quarter of the previous financial year, the company said in a statement.
“While India’s long term economic fundamentals look attractive, global factors such as crude oil prices, tightening monetary conditions in US and anticipated further rate hikes in the US are adding pressure on the macro economy. We are witnessing a lot of opportunities in the distressed credit space and are focused on resolution of the acquired assets and on adding new ones,” Vishal Kampani, Managing Director at JM Financial Group said.
“We continue to diversify our liabilities franchise and have successfully concluded the first-ever public issue of secured Non-Convertible Debentures by JM Financial Credit Solutions of ₹750 crore. Looking forward, we remain confident about our business mix and are well-positioned to capitalise the opportunities ahead of us,” he added.
The Assets Under Management (AUM) of the group’s wealth management business stood at ₹42,808 crore (excluding custody assets) as of June 30, 2018, compared with ₹24,203 crore as of June 30, 2017. During the quarter, the average daily trading volume stood at ₹5,586 crore.
The loan book of Investment banking, Wealth Management and Securities business (IWS) segment stood at ₹7,997 crore as on June 30, 2018.
During the quarter, its IPO financing business funded 13 IPOs with an aggregate amount of funding at about ₹4,149 crore.
At the end of the quarter, the combined AUM of the group’s private equity and real estate funds stood at about ₹716 crore, of which new private equity fund announced a first close of ₹225 crore and is in the process of raising additional capital, it added.