IIFL Holdings today reported a 25 percent rise in consolidated net profit at 229.1 crore for quarter-ended September 30, this fiscal.
The company’s net profit stood at Rs 183.1 crore, during July-September quarter of 2016-17.
IIFL‘s income surged nearly 42 percent to Rs 944.4 crore in the second quarter of 2017-18 from Rs 666.4 crore in the same period year-ago.
“Our loans and mortgages business strategy of focusing on retail lending and digital delivery, makes it largely immune from banks’ competition. Wealth and asset management continues to grow on the back of innovative products with customer centricity,” he added.
The company‘s total assets under management, distribution and advice saw 47 percent year-on-year growth to reach Rs 1.33 lakh crore in the September quarter, this fiscal.
Loan assets under management, predominantly retail, showed a steady growth of 27 percent year-on-year to Rs 26,033 crore, for period under review, the company said.
IIFL is engaged in the business of loans and mortgages, asset and wealth management, capital markets and financial products distribution, investment banking, institutional equities and realty services through its various subsidiaries.