Page 9 - Financial Services

JM Financial net income falls by 12.3% to Rs 190.2 crore in Dec quarter

Financial services firm JM Financial on Friday reported a 12.3 per cent fall in net income at Rs 190.2 crore for the quarter ended December 2022. Even though the company said its loan book rose 35.5 per cent to Rs 15,234 crore during the quarter, its income growth declined 1.9 per cent to Rs 946.1 crore. The company did not offer an explanation for the decline in its profit but said the quarterly net profit includes Rs 56.8 crore from IPO financing activity. It has seen all-round improvement in asset quality with gross NPAs falling steeply to 3.60 per cent from 4.39 per cent and the net NPAs also falling to 2.23 per cent from 2.76 per cent. SMA-2 or special mention accounts which remain stressed for 60-90 days also more than halved to 1.07 per cent from 2.50 per cent on an annualised basis. Similarly, total provision to the total loan book declined to 4.11 per cent from 6.96 per cent and the loan book under Covid resolution framework declined to 0.35 per cent from 0.91 per cent.

Creditors of IL&FS Financial Services to get Rs 3,200 cr interim payout

IL&FS Financial Services' creditors, including 28 lenders and debenture holders, will get an interim amount of Rs 3,200 crore, making it the largest cash payout since the government superseded its board in October 2018. The IL&FS group would also pay back another Rs 1,900 crore for three of its other firms, making the aggregate payout at Rs 5,100 crore, it said on Monday. In the wake of financial misdoings coming to light, the corporate affairs ministry had superseded the board of IL&FS in October 2018. The group had a debt of more than Rs 95,000 crore among nearly 347 group entities when the crisis came to light in October 2018. Since the resolution began, the group has so far discharged debt worth Rs 27,000 crore. Banks have secured exposure of over Rs 7,500 crore to IL&FS Financial Services Ltd (IFIN) which will be resolved with a combination of cash payout under the interim distribution plan and allocation of InvIT (Infrastructure Investment Trust) units by way ..

From automotive to telecom, here's how the Budget affects key sectors

Financial sector identified as one of the priority sector as part of "Vision Amrit Kaal

PE/VC investments decline by a third to $54.2 billion in 2022: Report

Investments by private equity and venture capital funds declined by nearly a third to USD 54.2 billion in 2022, which was characterised by a 'funding winter' after consecutive years of surge. Even after the decline, the year was the second best for India in terms of bets taken by such long term investors on growing Indian companies, a report by industry lobby Ivca and the consultancy firm EY said. The investments by value were down 29 per cent as compared to USD 75.9 billion in 2021, while by volumes there was a 4.6 per cent decline at 1,211 transactions as against 1,269, the report said, adding that a sharp fall in large deals resulted in the decline. The firm's partner Vivek Soni said investor interest has been weighed down by inflation woes, recession fears, the rising cost of capital and elevated levels of uncertainty driven by geostrategic challenges. He added that 99 funds dedicated to India raised USD 17.4 billion in 2022, and there is a high level of dry powder available ..

Piramal Enterprises aiming to increase AUM to Rs 1 trillion in 4 years

Two-thirds of AUM book to be from consumer business, firm to focus on underserved

No question of mis-selling, sales team doesn't have rights: Byju's to NCPCR

Says that by design, every sale is unapproved until it is verified by a triple-layered audit mechanism that reaches out to the interested customer through SMS, audio and video calls

ICRA downgrades PTC Financial Services short-term rating over operations

Failure to improve business volumes may impact profitability of Delhi-based NBFC, says agency

Debt returns competing with equities: CIOs of MF houses at BFSI Summit

Naren said after a long time the need for money in the deposit market has come and we see hikes in bank deposit rates

BFSI Insight Summit 2022: WATCH DAY 2 LIVE

India’s biggest BFSI event is back. Watch the leaders of BFSI address the most pressing questions of the industry

BFSI Insight Summit 2022

India’s biggest BFSI event is back. Watch the leaders of BFSI address the most pressing questions of the industry.

Finance sector suffers from 'hyperactive regulatory activity': M Damodaran

Speaking at the summit, the former bureaucrat added the need for specialised talent in the regulatory bodies, ranging from lawyers to accountants and auditors

KFin Technologies IPO subscribed 0.70 times on Day 2, issue closes Wed

Financial services firm provides services and solutions to asset managers and corporate issuers

BS BFSI Insight Summit 2022: Irdai member Rakesh Joshi to speak at event

Joshi was made the head of a 15-member Health Insurance Consultative Committee set up by Irdai in October. He has more than 37 years of experience in the financial services industry

Sum total of all your EMIs should not exceed 40% of your net income

Make sure buying a house will not lead to compromises on other crucial financial goals

G20 mulls converting its global infra hub into a multilateral body

Currently, the GIH's work is limited to acting as a knowledge sharing hub, to produce data and insights that inform policy and infrastructure delivery

CoinSwitch to foray into wealth tech, launches new logo, mobile app

CoinSwitch is expected to launch its new products by 2023 to become the first Indian crypto company to diversify into other asset classes

KFin IPO to hit market on Dec 19, issue sized reduced to Rs 1,500 cr

Financial services platform provides solutions to asset managers and corporate issuers

Abans Holdings IPO registers 28% subscription on second day of offer

The Initial Public Offer (IPO) of Abans Holdings, financial services arm of the Abans Group, was subscribed 28 per cent on the day two of offer on Tuesday. The IPO received bids for 35,27,260 shares against 1,28,00,000 shares on offer, as per NSE data. The portion for Qualified Institutional Buyers (QIBs) was fully subscribed, while the category for Retail Individual Investors (RIIs) received 23 per cent subscription and non-institutional investors 13 per cent. The IPO of up to 1.28 crore equity shares has a fresh issue of up to 38 lakh equity shares and an offer for sale of up to 90 lakh equity shares. The offer has a price range of Rs 256-270 a share. Proceeds from the fresh issue will be utilised towards investment in its NBFC subsidiary, Abans Finance, for financing the augmentation of its capital base to meet future capital requirements and for general corporate purposes. The company operates a diversified global financial services business, providing Non-Banking Financial .

One in two urban Indians investing more post Covid: DSP MF-YouGov Survey

45% respondents raised their investments as pandemic forced a rethink on financial health, 23% slashed it due to pay cuts, fall in risk-taking capacity, uncertainty in business and job loss

We Founder Circle announces 2 angel funds for early-stage start-ups

Mumbai-based We Founder Circle has in 23 months invested in more than 70 start-ups