Edelweiss Financial Services Q1 net profit up 41% at Rs 196 cr

Total revenues rose by 28% to Rs 1,898 cr from Rs 1,478 cr in April June 2016

Edelweiss Financial Services has posted a 41 per cent rise in consolidated net profit at Rs 196 crore in first quarter ended June 2017,  up from Rs 140 crore in April-June 2016.

The total revenues rose by 28 per cent to Rs 1,898 crore in reporting quarter from Rs 1,478 crore in April-June 2016.

Rashesh Shah, Chairman and CEO, Edelweiss Financial Services said credit book is about Rs 29,869 crore of which 34 per cent is in retail, 49 per cent in corporate and 17 per cent in the distressed credit business.

Edelweiss stock was trading four per cent up at Rs 212 per share on BSE.

On the retail credit side, the company continued to expand loan book and branch presence in the Housing and SME finance business. Retail remains a key focus area. It is allocating more capital to this business. At the end of Q1FY18, book size of retail credit was up by 58 per cent to Rs 10,245 crore from Rs 6,469 cr at the end of Q1FY17.

The corporate credit businesses continue to perform backed by a healthy collateral cover.  The corporate loan book grew by 14 per cent to Rs 14,491 crore from Rs 12,733 crore at the end of Q1FY17, the company said in a statement.

The distressed assets credit business grew steadily on the back of loan acquisitions.  Distressed credit business has a capital of Rs 5,133 cr. Total credit book including distressed credit stands at Rs 29,869 cr at the end of Q1FY18.

The consolidated Capital Adequacy Ratio for Edelweiss Group is 17.05 per cent as on 30th June 2017.