Money & Banking

JM Financial Q1 consolidated profit jumps 117% to ₹203 crore

Our Bureau Mumbai | Updated on July 28, 2021

Vishal Kampani, MD, JM Financial Group   -  PAUL NORONHA

Higher total income boosts company’s bottomline

JM Financial consolidated net profit surged by 117.01 per cent to ₹203.14 crore for the first quarter ended June 30, 2021 led by a sharp rise in its total income.

Its consolidated net profit was ₹93.61 crore in the corresponding period a year ago.

“This is the highest-ever quarterly operating net profit reported,” JM Financial said in a statement on Wednesday.

Its total income rose by 43.62 per cent to ₹992.55 crore from ₹ 691.11 crore a year ago.

The consolidated loan book grew by 1.7 per cent to ₹11,014 crore as on June 30, 2021 compared to ₹10,833 crore as of June 30, 2020.

Gross non-performing assets and net NPA stood at 3.46 per cent and 1.89 per cent, respectively, as of June 30, 2021 compared to 1.8 per cent and 1.22 per cent, respectively, as of June 30, 2020.

Gross provisions

“We have made additional gross provisions (including fair value loss) of ₹132 crore on account of the uncertainties around Covid-19 for the quarter ended June 30, 2021, thereby taking the total provisions to ₹515 crore on account of the pandemic,” it said.

During the quarter ended June 30, 2021, the underlying businesses of the reportable segments have been reclassified to investment bank, mortgage lending, alternative and distressed credit and asset management, wealth management and securities business, JM Financial further said.

“Our diversified business model has demonstrated time and again resilience through economic and market volatility. This new realignment of business segments will facilitate seamless execution of our strategy,” said Vishal Kampani, Managing Director, JM Financial Group.

Published on July 28, 2021

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