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India Infoline June qtr profit rises marginally

India Infoline June qtr profit rises marginally
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First Published: Fri, Jul 17 2009. 07 35 PM IST
Updated: Fri, Jul 17 2009. 07 35 PM IST
Mumbai: Financial services firm India Infoline Ltd has posted a 4.32% rise in its April-June consolidated net profit as rising stock markets helped revive trading volumes and brokerage income.
Consolidated profit rose to Rs516.7 million, compared with Rs495.3 million a year earlier.
The company’s market share on the National Stock Exchange has risen to 3.63% of total trading from 3.53% in January-March, it said in a statement.
“The industry has been pleasantly surprised at the swift recovery in the market sentiment as well as volumes in the previous quarter,” chairman Nirmal Jain said in a statement.
“It may be reasonable to believe that in the Indian context, the worst is behind us,” Jain said.
The retail consumer finance business showed signs of recovery with credit demand picking, the statement said adding, the consumer finance portfolio as on June stood at Rs9.22 billion.
“We have cautiously resumed secured lending against the security of residential and commercial property,” the company said.
The Mumbai-based firm also plans to launch new products for mass affluent categories with assets above Rs0.5 million to Rs10 million to grow its wealth management business.
Shares in the company ended down 2.04% at Rs132.25 in a Mumbai market that was up 3.47%.
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First Published: Fri, Jul 17 2009. 07 35 PM IST