Diversified financial services player JM Financial announced an 83 per cent jump in its consolidated net income today, at Rs 92.2 crore boosted by all-round business growth, which pushed up its fee income.
Consolidated income increased 52 per cent to Rs 377.23 crore, while fee and commission income rose to Rs 101.43 crore from Rs 67.86 crore, according to a statement issued here.
While brokerage fees rose to Rs 36.33 crore from Rs 25.31 crore, interest and other income on fund-based activities soared to Rs 178.87 crore from 128.84 crore, the company said in its statement.
Commenting on the results, JM Group Chairman Nimesh Kampani said the numbers show that all the businesses have done well during the quarter, with fee-based business significantly contributing to growth.
"Our fund-based business has been very selective and we continue to remain focussed on its asset quality and net interest margin. Despite our low leverage, we have been able to garner higher returns," Kampani said.
Speaking about outlook, he said that economing growth is expected to pick up progressively due to greater momentum backed by the government's reforms initiative.
"Our markets are also getting the support of global liquidity. Looking ahead, we continue to remain optimistic about the group's opportunities and potential profit avenues in the financial services sector. However, we would closely watch the impact of domestic policies on the economy as well as the global geo-political situation for any unexpected shocks," he said.
Kampani said that the JM Group's wealth management business saw its assets under management (AUM) rising to Rs 19,600 crore, while its deposit base rose by over Rs 700 crore.
