JM Financial Q1 profit up 19% at Rs 86 cr

JM Financial today reported a 19 per cent rise in consolidated net profit at Rs 86.09 crore in the first quarter ended June 30.
Net profit in the corresponding April-June quarter of the previous fiscal stood at Rs 72.35 crore.
Total income in the June quarter rose 24 per cent to Rs 475.43 crore as against Rs 383.02 crore, it said in a release.
"The group's fund based business has performed well during the quarter. Our focus on asset quality and net interest margin provides a solid foundation to our growth in the fund based business. As consumption demand for funding increases, we expect to increase our lending book consistently," said Nimesh Kampani, Chairman JM Financial Group.

The company has enhanced its focus on wealth management business and value added services, he said.
As of June 30, firm's net worth stood at Rs 2,894 crore.

In another development, the company informed that Chairman Nimesh Kampani, who is also the founder, has decided to retire from the executive role with effect from September 30, on attaining 70 years of age.
Kampani will continue to be the non-executive Chairman of the group and a director on the Board of a few group companies at JM Financial, the company said.
"The Board of Directors at their meeting today appointed Vishal Kampani as the Managing Director of JM Financial with effect from October 1, 2016," it added.

JM Financial offers capital market services including investment banking, institutional equity sales, trading, research and broking, private and corporate health management, asset management and asset reconstruction.
Stock of the company closed 1.04 per cent down at Rs 66.75 on BSE.