JM Financial profit up 35%

Total income during December quarter was Rs 426 cr

JM Financial on Wednesday reported a 35 per cent rise in its net profit at Rs 117 crore for the quarter ended December 2015 and a 16 per cent rise in revenues at Rs 426 crore mainly due to a rise in its investment banking business. Its Total Income during the December quarter was Rs 426 crore. “Concerns about growth in China emerged as the dominant factor contributing to volatility in the global markets. It appears that global risk will continue to pressure foreign inflows in the medium term. The operating performance of Indian companies has also been under pressure on account of global commodity meltdown, currency fluctuations, and high indebtedness of large companies, said  Nimesh Kampani, chairman of JM Financial Group. “More, the slippages of standard advances to NPAs (non-performing assets) by the banks are also a worrying factor,”  said he. “India continues to remain a bright spot among emerging markets, driven by expected increase in private consumer demand and foreseeable traction in the investment climate as the government is committed to revive the same,” said Kampani. The company said its fund-based and asset management businesses have continued to  demonstrate steady growth this quarter and it remains focused on the asset quality of its lending portfolio, reflected in lower NPAs at 0.21 per cent.

Its main stay the investment banking business continues to grow with a robust deal pipeline and several mandated transactions under execution. The AUM of its wealth management business stood at over Rs 23,386 crore as on December 31, 2015.