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JM Financial's consolidated net profit soared 64 per cent during the third quarter of the current fiscal as its income from investment banking and securities-based businesses surged. The company's net profit rose to Rs 59.5 crore during the quarter ended December 2010 from Rs 36 crore during the corresponding year-ago quarter.
It total income increased 70 per cent to Rs 276 crore from Rs 161.6 crore. Revenues from investment banking and securities business rose to Rs 143.8 crore from Rs 116.3 crore and its securities funding and fund-based activities increased to Rs 118.5 crore from Rs 32 crore. Income from its asset management business fell to Rs 7.44 crore from Rs 9.6 crore and revenues from alternative asset management to Rs 10.6 crore from Rs 13.8 crore.
“The group's Investment Banking and Securities businesses have done well during the quarter. The Institutional broking business is also growing with increasing volumes and client empanelment. While the environment remains challenging, we will continue to have a strong financial services franchise catering to our large client network,” said Mr Nimesh Kampani, Chairman, JM Financial Group.
On a standalone basis, though, the net profit dropped to Rs 1.09 crore from Rs 1.12 crore. Its total income dipped to Rs 8.96 crore from Rs 11.5 crore.
JM Financial shares remained unchanged from Friday's close at Rs.25.85 on the BSE on Monday.
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