Geojit BNP net dips 61% in Q4

Geojit BNP Paribas Financial Services registered a 61 per cent decline in net profit to Rs 2.92 crore for the quarter ended March 31, 2011, as compared with Rs 7.48 crore in the corresponding period last year. Consolidated revenues were down 6 percent from Rs  68 crore to Rs 64 crore.

For the full year, net profit declined 38 per cent to Rs 28.4 crore from Rs 46 crore in 2009-10 while revenues dipped 8 per cent to Rs 281 crore from Rs 304 crore last year. 

During the quarter, the JV with BNP Paribas for institutional broking reported a loss of Rs 4.6 crore. Commenting on the results,  CJ George, managing director of Geojit BNP, said despite increase in market share in the retail segment, an overall decline in retail market volumes coupled with the loss in the JV led to a decline in profit. 

The retail stock broking company has a strong presence in the Gulf countries. Listed on the National Stock Exchange and the Bombay Stock Exchange, it has over 591,000 clients, a network of 555 offices and manages assets worth over Rs 13,050 crore. It also operates in Bahrain and Oman.

Barjeel Geojit Securities, its JV with the Al Saud group, is headquartered in Dubai and owns branches in Abu Dhabi, Ras Al Khaimah, Sharjah and Muscat. Aloula Geojit Brokerage Company,  the JV with the Al Johar group in Saudi Arabia is headquartered in Riyadh and BNP Paribas Securities India Private Limited is the company’s joint venture with BNP Paribas for institutional brokerage, a press release said.