JM Financial

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.

New plant expected to boost company's revenues, margins

JM Financial on Monday reported a marginal 3.20 per cent increase in its net income on a consolidated basis in the September quarter at Rs 180 crore as the company saw its revenue falling and bad loans rising. Total income fell 9.53 per cent to Rs 877.13 crore in the reporting quarter from Rs 969.49 crore in the year-ago period, the company said in a statement. JM Financial's loan book rose to Rs 14,670 crore from Rs 11,072 crore, but the asset quality worsened with gross NPAs climbing to 3.85 per cent from 2.32 per cent in September 2021 and from 3.52 per cent in June 2022. Net NPAs nearly doubled to 2.44 per cent from 1.38 per cent year on year and from 2.31 per cent sequentially. The company said 0.37 per cent of assets are still under the Covid protection cover, down from 0.87 per cent on-year and 0.45 per cent on-quarter. Of the total loan book, the wholesale mortgage stood at Rs 7,321 crore, up 11.3 per cent, and retail mortgage jumped 62.8 per cent to Rs 1,392 crore. Visha

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