Nuvama Wealth Management Limited(NWML), a wealth management firm, has reported a near 100 per cent jump in consolidated net profit for the quarter ended December 31, 2023 at ₹176 crore (₹87 crore).

The latest bottomline performance was also higher than net profit of ₹145 crore recorded in the September 2023 quarter. 

For the quarter under review, total income grew 45 per cent to ₹842 crore (₹582 crore). In the September 2023 quarter, Nuvama Wealth recorded total income of ₹737 crore. 

For the nine months ended December 31, 2023, Nuvama Wealth reported a net profit of ₹444 crore, more than double the net profit of ₹220 crore recorded in the same period in the previous year. 

Commenting on the financial performance, Ashish Kehair, MD & CEO of Nuvama Group, said, “The economic growth momentum for India has been strong in 2023, and our integrated platform captured many of the growing opportunities. In Q3, all our segments performed exceptionally well. In wealth management, our platform continues to attract talent, and we have further invested in human capital for growth. We deepened our presence in existing locations and expanded to new cities.

In the coming few quarters, we plan to launch our offshore wealth proposition starting with Dubai and Singapore”.

Heading into 2024, Nuvama believes the growth momentum will continue as India will reap the benefits of the reforms undertaken and its steady focus on business stability, job creation, industrialisation, and an expanding digital economy. 

“We expect the rate of wealth creation will continue to outpace economic growth rate, driven by financialisation and increasing penetration of organised wealth management. Our fundamentals remain robust, and our business is well positioned to continue to benefit from these tailwinds”, Kehair said.