IIFL Holdings shares jump 6% on strong Q2 numbers
The company had reported Rs 148.7 crore profit for the July-September quarter of last financial year. Total income grew 16 per cent to Rs 666.80 crore.
By ETMarkets.com | Updated:
NEW DELHI: Shares of IIFL Holdings jumped nearly 6 per cent in Thursday’s trade after the company said its net profit for the September quarter climbed 39 per cent to Rs 207.20 crore on healthy growth in retail lending.
The company had reported Rs 148.7 crore profit for the July-September quarter of last financial year. Total income grew 16 per cent to Rs 666.80 crore, compared with Rs 574 crore reported for the same quarter last year.
Nirmal Jain, Chairman, IIFL Holdings, in a filing to BSE, said: “We are pleased to report an all-round healthy profit growth in core businesses, with return on equity close to 21 per cent. Retail lending, the dominant business, continues to witness robust growth and strategic focus is on progressive digital delivery of loans. Wealth management and capital market businesses are on long term growth trajectory and focus is customer centricity.”
The stock rose 5.94 per cent to hit a high of Rs 301.25 on BSE.
IIFL’s wealth management business recorded a 29 per cent year-on-year growth in asset under management. Total AUM, distribution and advice for the firm reached Rs 1,00,396 crore in the second quarter. The company’s NBFC operations saw Rs 102 crore worth of profit, up 25 per cent, IIFL said.
The average daily equity market turnover for IIFL’s capital market business increased 29 per cent to Rs 9,023 crore.
The company had reported Rs 148.7 crore profit for the July-September quarter of last financial year. Total income grew 16 per cent to Rs 666.80 crore, compared with Rs 574 crore reported for the same quarter last year.
Nirmal Jain, Chairman, IIFL Holdings, in a filing to BSE, said: “We are pleased to report an all-round healthy profit growth in core businesses, with return on equity close to 21 per cent. Retail lending, the dominant business, continues to witness robust growth and strategic focus is on progressive digital delivery of loans. Wealth management and capital market businesses are on long term growth trajectory and focus is customer centricity.”
The stock rose 5.94 per cent to hit a high of Rs 301.25 on BSE.
IIFL’s wealth management business recorded a 29 per cent year-on-year growth in asset under management. Total AUM, distribution and advice for the firm reached Rs 1,00,396 crore in the second quarter. The company’s NBFC operations saw Rs 102 crore worth of profit, up 25 per cent, IIFL said.
The average daily equity market turnover for IIFL’s capital market business increased 29 per cent to Rs 9,023 crore.
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