JM Financial Q3 Net up 35% at Rs 117 cr

JM Financial today reported a 35 per cent rise in net profit at Rs 117 crore for the December quarter on account of steady growth in fund-based activity and asset management business.
The company's net profit during the October-December period of previous fiscal stood at Rs 87.03 crore.
"The group's fund-based and asset management businesses have continued to demonstrate steady growth this quarter," JM Financial Group chairman Nimesh Kampani said in a statement.
"We remain focused on the asset quality of our lending portfolio which is reflected in the lower NPAs at 0.21 per cent," he added.
JM Financial's consolidated revenue rose 16 per cent to Rs 426 crore during the third quarter, the statement said.

The company's institutional equities business also saw increased client interaction and steady growth momentum during the quarter, it said.

Besides, the assets under its wealth management business were over Rs 23,386 crore as on December 31, 2015.
"During the third quarter, we helped corporates mobilise more than Rs 800 crore in fixed deposit schemes and fixed income products," it said.
(Reopens BCM 27)
JM Financial also closed the sale of Hotel Leela Venture for Rs 725 crore during the reporting period and is in the process of restructuring this account, the statement said.
JM Financial's total income rose 16 per cent to Rs 426 crore from Rs 366.56 crore a year ago.

The company said its consolidated net for nine months of this fiscal rose 21 per cent to Rs 286.72 crore from Rs 237.57 crore in the year-ago period while its total income rose 20 per cent to Rs 1,210.12 crore.
Its fixed income securities business stood at Rs 249 crore.
During the quarter, its investment banking team executed many deals including acting as global coordinators and book-running lead managers to many issues such as for Rs 5,051-cr qualified institutional placement of NCDs form HDFC.