J M Financial posts flat Q3 net at Rs 44 crore; total income dips

MUMBAI: Investment bank J M Financial, which is seeking a bank licence, today reported a flat post tax net profit of Rs 44.16 crore for third quarter ended December 31.

The company had posted a net profit of Rs 44.13 crore in the corresponding October-December period last fiscal.

For the quarter under review, total income declined to Rs 221.93 crore from Rs 268.38 crore in the last fiscal, J M Financial said here.

The pre-tax profit was also down at Rs 61.65 crore as against Rs 62.97 crore in the same period last fiscal.

"The impact of uncertainty on economic front had a rub-off effect on retail investors, leading to extremely low level of participation in equity markets, including IPOs," J M Financial Chairman Nimesh Kampani said.

The financial firm is currently focused on building a "diverse set of businesses" which will protect it against market volatility and help its growth, he said.

J M Financial is among the over two dozen entities in the race for getting a bank licence, along with corporate giants like Aditya Birla Group, non-bank lenders like Shririam Finance and state-run India Post.

Former Citibank Chief Executive Vikram Pandit, who has invested in J M Financial, has reportedly come on-board for the company's proposed banking foray.