Wed, 22 May 2019

Mumbai (Maharashtra) [India], May 15 (ANI): Diversified financial services group IIFL Holdings on Wednesday reported 30 per cent jump year-on-year profit after tax at Rs 373 crore during January to March 2018-19.

For the entire financial year, the profit after tax was Rs 1,253 crore, marking an increase of 23 per cent in the year-on period.

The consolidated income was Rs 1,276 crore for the quarter, up 32 per cent, and Rs 4,305 crore for the year, up 16 per cent year-on-year.

While loan assets under management in the NBFC (non-banking financial company) business increased 29 per cent to Rs 34,904 crore, wealth assets moved up 28 per cent to Rs 1.69 lakh crore.

"In FY19, we have strengthened our position in all our core businesses," said IIFL Holdings Chairman Nirmal Jain. "This year, with reorganisation of the group, three businesses namely finance, wealth and securities will get listed independently."Jain said the finance business has grown strongly with improved margins despite sector headwinds, leveraging the company's strong retail franchise and technology edge.

"Wealth business is leading the industry with its decisive move towards advisory model. Securities business prospects are linked to capital market activities and have strong fundamentals," he said in a statement.

IIFL Holdings is headquartered in Mumbai with overseas offices in London, New York, Toronto, Geneva, Hong Kong, Dubai, Singapore and Mauritius.

It offers a gamut of services to more than 40 lakh customers across various business segments: loans and mortgages, asset and wealth management, retail and institutional broking, investment banking and realty services. (ANI)

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