JM Financial Q1 net slightly up at Rs 58 cr

JM Financial today reported 5 per cent rise in net profit in the first quarter ended June 30 at Rs 58.35 crore compared to the same period last year.
The integrated financial services firm's net profit stood at Rs 55.54 crore during the same quarter last year.
However, total income declined by 5 per cent to Rs 266.40 crore from Rs 281.91 crore in the same quarter last year, JM Financial said in a release here.
JM Financial Group Chairman Nimesh Kampani said: "During the quarter, our profitability depicts sustained financial performance. We continue to remain optimistic about the Group's opportunities and potential profit avenues in the financial services sector."

The company's strategies remain the same, investing for the long run and managing the business prudently in the short term, he said.
"We expect Government policies to have sustainable impact over long-term. The expected economic upswing and our mix of businesses coupled with our deep understanding of industry and products will enable us to deliver long-term value to our strong franchise."

Pipeline of our investment banking business continues to remain healthy, Kampani said.
"Our Singapore subsidiary continued to generate traction and during the quarter we acted as an advisor for sale of minority stake in a Thailand-listed IT services company. The Institutional Equities Business gained further momentum buoyed by the positive economic sentiment."

In the wealth management business, the Group's assets under management stood at about Rs 15,000 crore as on June 30.
Kampani said in the distribution business, the company has a large network of approximately 8,500 active Independent Financial Distributors (IFDs) who distribute various financial products across the country.
"We have presence in 259 locations spread across 116 cities through a network of branches and franchisees. During Q1, we mobilised more than Rs 750 crore in fixed deposit schemes and fixed income products of various companies."
JM Financial's average asset under management (AUM) in mutual fund space for the quarter ended June 30 stood at Rs 6,957 crore. The average AUM under equity schemes was at Rs 603 crore and under debt schemes at Rs 6,354 crore.