IIFL sees 33% jump in profits to Rs 158 cr in Q1

Financial services firm IIFL Holdings today reported a 33 per cent rise in net profit to Rs 158.1 crore for the quarter ended June 30, on account of robust growth in NBFC and wealth businesses. The company's net profit had stood at Rs 118.9 crore during April-June period of previous fiscal. IIFL's income rose 13.5 per cent to Rs 1,030.5 crore on year-on-year basis. "Our NBFC and wealth businesses have delivered robust growth. We continue to rebalance our loan portfolio with focus on retail home loans and SME financing," IIFL Holdings chairman Nirmal Jain said in a statement. NBFC operations reported a 22 per cent surge in net profit to Rs 89 crore during the first quarter of the current fiscal over the same period year-ago. With presence in two major cities, IIFL wealth business rose by 41 per cent to Rs 52.7 crore, for the period under review.