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IIFL Holdings net profit rises 30% to Rs 373 crore for March quarter

Income during the latest quarter grew 32 per cent to Rs 1,276 crore from Rs 965 crore in year-ago period, IIFL Holdings said in a statement

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IIFL Holdings Wednesday posted a rise of 30 per cent in net profit at Rs 373 crore for March quarter 2018-19.

The company's net profit in the year-ago period stood at Rs 286.1 crore.

Income during the latest quarter grew 32 per cent to Rs 1,276 crore from Rs 965 crore in year-ago period, IIFL Holdings said in a statement.

Net profit during 2018-19 was higher 23 per cent year-on-year at Rs 1,253 crore. Income was up 16 per cent at Rs 4,305 crore from the previous fiscal.
 

"In FY'19, we have strengthened our position in all our core businesses. This year, with reorganisation of the group, three businesses namely finance, wealth and securities will get listed independently.

"Our finance business has grown strongly with improved margins despite sector headwinds, leveraging our strong retail franchise and technology edge," IIFL Holdings Chairman Nirmal Jain said.

Loan assets under management (AUM), predominantly retail, showed a strong growth of 29 per cent year-on-year to Rs 34,904 crore, mainly driven by small-ticket home loans, gold loans, SME loans and microfinance loans, the company said.

Wealth assets stood at Rs 1,69,312 crore by end of March 2019, up 28 per cent from a year ago.

IIFL Holdings said its gross non-performing assets (NPAs) stood at 1.9 per cent of the gross advances and net NPA at 0.6 per cent, as on March 31, 2019.

Shares of the company traded 0.90 per cent up at Rs 431.25 apiece on BSE.