India Infoline net up 65% to Rs 109 crore

Financial services provider India Infoline (IIFL) reported a 65 per cent jump in consolidated net profit today at Rs 109 crore in the second quarter, while income rose 31 per cent to Rs 893.9 crore.

"We are pleased to report an all round robust growth in our operations. We expect economic reforms to gather momentum, further boosting investor sentiment. We believe that the outlook for our core business has improved significantly," IIFL Chairman Nirmal Jain said.

Income from fund-based activities rose 28.1 per cent to Rs 649.2 crore, while loan portfolio, which comprises predominantly retail, rose 31 per cent to Rs 12,993 crore, the company said.
Gross NPAs and net NPAs stood at 0.97 per cent and 0.30 per cent respectively while the company made a provision of Rs 86 crore for non-standard assets as well as Rs 38 crore for standard assets.

Net interest margin for the quarter was 7.7 per cent and the spread was 6.8 per cent, which have now stablilised, the release said.

Income from financial products distribution was Rs 131.3 crore, up 48.9 per cent.

Total assets under advice, distribution and management were Rs 48,000 crore.

Capital market income was Rs 111.7 crore, up 30.6 per cent.