JM Financial group net up 24% to Rs 72 cr on fee income

Total income of the group rose 44% to Rs 383.02 crore during the April-June period

JM Financial Group today reported a 24 per cent rise in consolidated net profit at Rs 72.35 crore for the quarter ended June on a healthy growth in fee income.

Total income of the group, which is into securities broking, investment banking and lending activities, rose 44 per cent to Rs 383.02 crore during the April-June period.

Commenting on the numbers, JM Financial Group Chairman Nimesh Kampani said during the quarter, "we could sustain the momentum in our profitability and revenue growth. Fee-based business has been a significant contributor to our financial performance during the quarter."

"We are making good progress in our strategy to drive growth, improve efficiency and shape our businesses to continue to deliver the superior returns," he added.

During the quarter, investment banking and securities businesses executed a lot of deals, helping push the group's fee income, while the equities segment also saw higher growth.

Investment banking revenue shot up to Rs 124.07 crore from Rs 108.3 crore, while income from fund-based activities jumped to Rs 241.3 crore from Rs 142.48 crore.

Fees from the AMC business rose more than doubled to Rs 146 crore from Rs 70.2 crore during the quarter, the company said.

Its NBFC book, which included loans against commercial real estate/properties and securities, rose to Rs 5,492 crore. AMC business grew to Rs 11,676 crore, while the equity AUM increased to Rs 6,414 crore and the debt schemes to Rs 5,262 crore.

The company stock declined 0.50 per cent to Rs 50.25 on the BSE, whose benchmark Sensex gained 0.51 per cent. The earnings were declared after the market hours.