JM Financial Q2 net income rises slightly to Rs 180 cr; bad loans spike

JM Financial on Monday reported a marginal 3.20 per cent increase in its net income on a consolidated basis in the September quarter at Rs 180 crore as the company saw its revenue falling and bad loans rising. Total income fell 9.53 per cent to Rs 877.13 crore in the reporting quarter from Rs 969.49 crore in the year-ago period, the company said in a statement. JM Financial's loan book rose to Rs 14,670 crore from Rs 11,072 crore, but the asset quality worsened with gross NPAs climbing to 3.85 per cent from 2.32 per cent in September 2021 and from 3.52 per cent in June 2022. Net NPAs nearly doubled to 2.44 per cent from 1.38 per cent year on year and from 2.31 per cent sequentially. The company said 0.37 per cent of assets are still under the Covid protection cover, down from 0.87 per cent on-year and 0.45 per cent on-quarter. Of the total loan book, the wholesale mortgage stood at Rs 7,321 crore, up 11.3 per cent, and retail mortgage jumped 62.8 per cent to Rs 1,392 crore. Visha

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