Edelweiss Financial net up 58% to Rs 42 cr in Sept quarter
Mumbai: Edelweiss Financial Services Tuesday reported a 58 percent rise in net profit for the September quarter at Rs 42 crore up from Rs 26 crore a year ago.
Total income rose 39 percent to Rs 511 crore from Rs 368 crore in the year-ago period, the company said in a statement.
Interest and treasury income from capital based businesses, which includes revenue from credit, commodities and treasury businesses, rose 50 percent to Rs 418 crore from Rs 279 crore in the corresponding period last year.
Capital-based income accounts for 83 percent of the total income, compared to 77 percent in the year-ago period as a result of the scale up of credit business, the company said.
However, fee and commission income from agency businesses declined to Rs 80 crore from Rs 84 crore, down 5 percent reflecting continued challenging environment for agency businesses overall in the past four quarters though the activity levels improved this quarter marginally compared to the previous quarter, it said.
Agency fee and commission income includes income from broking, investment banking, asset management and wealth advisory businesses.