 "IIFL Holdings surges on strong Q3 results")
IIFL Holdings surged 12% to Rs 316 on the BSE in intra-day trade after the company reported a strong 62% year on year (YoY) jump in consolidated net profit at Rs 222 crore for the quarter ended December 2016 (Q3FY17). Consolidated income grew 34% at Rs 746 crore on YoY basis.
The company’s NBFC operations, which account nearly half of the total business, recorded 25% YoY growth in net profit at Rs 112 crore. NIM (net interest margin) has improved to 6.4% on the back of superior asset mix at lower yield, decline in funding costs and infusion of equity capital.
Gross non-performing assets (NPAs) and Net NPA ratios have fallen to 1.80% and 0.65% respectively as on December 31, 2016 versus 1.87% and 0.83% in the previous quarter, IIFL Holdings said in a release.
“We are happy to report accelerated profit growth on y-o-y basis, on the back of continued strong performance of our NBFC and Wealth businesses and tailwinds in Capital Market business. We look forward to growth and reform oriented budget and policy changes to give impetus to economic activity and thereby financial services sector,” said Nirmal Jain, Chairman, IIFL Holdings.
The company’s board declared an interim dividend of Rs 4.50 per equity share for 2016-17.
At 09:56 am; the stock was up 9.5% at Rs 310 on the BSE, as compared to 0.61% rise in the S&P BSE Sensex. A combined 605,000 shares changed hands on the counter on the BSE and NSE so far.
The company’s NBFC operations, which account nearly half of the total business, recorded 25% YoY growth in net profit at Rs 112 crore. NIM (net interest margin) has improved to 6.4% on the back of superior asset mix at lower yield, decline in funding costs and infusion of equity capital.
Gross non-performing assets (NPAs) and Net NPA ratios have fallen to 1.80% and 0.65% respectively as on December 31, 2016 versus 1.87% and 0.83% in the previous quarter, IIFL Holdings said in a release.
“We are happy to report accelerated profit growth on y-o-y basis, on the back of continued strong performance of our NBFC and Wealth businesses and tailwinds in Capital Market business. We look forward to growth and reform oriented budget and policy changes to give impetus to economic activity and thereby financial services sector,” said Nirmal Jain, Chairman, IIFL Holdings.
The company’s board declared an interim dividend of Rs 4.50 per equity share for 2016-17.
At 09:56 am; the stock was up 9.5% at Rs 310 on the BSE, as compared to 0.61% rise in the S&P BSE Sensex. A combined 605,000 shares changed hands on the counter on the BSE and NSE so far.
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