JM Financial - Stress Pool Has Peaked; Q3 Earnings Buoyed By Distressed Credit Resolutions: ICICI Securities
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ICICI Securities Report
JM Financial Ltd. reported its Q3 FY21 profit after tax at Rs 1.81 billion, up 15% YoY and ~30% QoQ.
Earnings across investment banking, wealth management and securities and mortgage lending businesses were stable (despite provisioning).
Overall earnings were buoyed by distressed credit resolutions. Asset reconstruction company contributed Rs 210 million to profits compared to less than Rs 100 million average quarterly trend.
Pro-forma gross non-performing loans and SMA-2 spiked to 8% (from 4.5%), but restructuring was marginal at 0.6% of loans.
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