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ICICI Securities Report
JM Financial Ltd.'s Q1 FY23 result was characterised by:
investment in franchise and limited IPO financing opportunities dragging Platform asset management, wealth management, securities business earnings by 52% QoQ / 23% YoY (to Rs 70 million).
modest recoveries of Rs 1.3 billion led to muted earnings in alternative and distressed credit business,
earnings of mortgage lending were broadly stable QoQ,
this was offset by 8% QoQ / 16% YoY rise in investment bank business,
higher than normal prepayments dragged wholesale mortgage book down by 4% and chunky loan repayment pulled bespoke financing down by 15% QoQ,
with resolutions from special mention account-II pool as well as non-performing asset, mortgage lending gross non-performing assets settled at 5.6% and overall stress pool came off to 8.4%.
JM Financial's earnings of investment bank were better than expectations offsetting below expected Platform AWS and distressed credit business earnings.
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