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IIFL Holdings Posts 39% Jump In Q2 Profit

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IIFL Holdings Posts 39% Jump In Q2 Profit

IIFL's wealth management business recorded 29% growth in terms of assets under management.


Mumbai: Financial services firm IIFL Holdings on Wednesday said its net profit rose 39 per cent to Rs 207.2 crore for the quarter ended September on robust growth in retail lending, among others.

IIFL had reported a profit of Rs 148.7 crore for the corresponding period last fiscal year.

The firm's income rose 16 per cent to Rs 666.8 crore in the quarter under review as against Rs 574 crore in the year-ago period, it said in a release.

"Retail lending, the dominant business continues to witness robust growth and strategic focus is on progressive digital delivery of loans," IIFL chairman Nirmal Jain said.

"Wealth management and capital market businesses are on long term growth trajectory and focus is customer centricity," Mr Jain added.

IIFL's wealth management business recorded a 29 per cent year-on-year growth in terms of assets under management. The 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 profits, up 25 per cent.

During the quarter, average daily equity market turnover for IIFL's capital market business increased by 29 per cent to Rs 9,023 crore.

During the same period, the exchanges' average daily equity market turnover was up 26 per cent year-on-year. 

IIFL is engaged in the business of financing, asset and wealth management, capital markets and financial products distribution, investment banking, institutional equities and realty services through its various subsidiaries.


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