 "Edelweiss Financial Services net profits up 41%")
Edelweiss Financial Services has posted a 41% increase in its net profits as business sentiment revived in the first quarter of fiscal 2014. Net profits for the firm touched Rs 78.25 crore, up from Rs 55.67 crore in the corresponding quarter last fiscal.
"With the improvement in business climate in the first quarter, our net profit is higher by 41per cent YoY (year-on-year). This is the eleventh quarter of consistent growth in our profits barring the exceptional second quarter of last year," Rashesh Shah, chairman and CEO, Edelweiss
Financial Services said in a statement issued to the exchanges. Income for the company was up 30.3% to Rs 806 crore led by a rise in credit income from the housing finance, commodities and the balance sheet management unit operations. Fee and commission income from the broking, asset management, corporate finance advisory and wealth management business also rose during the quarter by 29% to Rs 106 crore, up from Rs 82 crore in the June 2013 quarter.
The broking business now accounts for about 7.4% of the total revenue for the June 2014 quarter, up from 6.4% in June 2013. During this quarter, the company added a total of 28,000 retail clients taking the total retail customer count to 4,54,000. Online clients number 1,27,000 -about 27% of the total client count.
The firm's lending business has also grown with the total credit book of the group stands at Rs 8,829 cr as of June 2014 quarter, up 33% from Rs 6,623 crore last year. The networth of the group for this quarter stands at Rs 3,168 crore.