Edelweiss Financial Services Ltd. reported a 41 percent year-on-year jump in its consolidated net profit to Rs 196.3 crore for the quarter ended June.
Profit excluding the insurance business stood at Rs 222 crore, a jump of more than 43 percent as compared to the previous quarter. Total income increased to Rs 1,887.87 crore for the quarter as compared to Rs 1,465.40 crore in the same period a year ago. The asset base of the company stood at Rs 43600 crore.
The asset quality of the overall credit book remained subdued with gross non-performing loans at 1.71 percent and net NPLs at 0.61 percent for the current quarter.
Edelweiss Group is a diversified financial services company with its presence in lending and non-lending segment. The company operates in retail segments through life insurance, housing finance, mutual fund and financial markets.
Here are the highlights from a conversation with Rashesh Shah, chairman and chief executive officer of Edelweiss Group:
- Domestic physical savings are now getting increasingly converted into financial savings. Bulk of the inflows were seen after demonetisation and that trend is likely to continue.
- Seen sustained profit growth for the 24th straight quarter.
- The non-credit business has grown considerably, especially wealth management.
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