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The Board of Directors of JM Financial Limited, at its meeting held today, approved the unaudited financial results for the second quarter and half year ended September 30, 2023.

Business Update for Q2FY24

Investment Bank
• Another strong quarter across the integrated investment bank, achieved goal of 18% ROE and endeavor is to keep it in the high teens 
• Executed several equity and fixed income transactions. The pipeline is extremely robust
• Financial institutions financing book (FIF) has grown to Rs. 1,927 crore (Rs. 995 crore as of September 30, 2022, increase of 94% YoY)

Mortgage Lending

• Wholesale mortgage lending
* In line with our earlier guidance, we have made additional provisions of Rs. 126 crore during the quarter
* Pre-Covid loan book stood at Rs. 713 crore (4% of total loan book) as of September 30, 2023 (Rs. 1,571 crore as of March 31, 2023). Out of the Pre-Covid loan book, ~61% is in the NPA bucket and ~2% in the SMA 2 bucket
* Competitive intensity in the business is increasing 

Retail mortgage lending

Branches expanded to 105 as of September 30, 2023 from 75 as of September 30, 2022
Loan book has increased by 45% to Rs. 1,504 crore as of September 30, 2023 (Rs. 1,035 crore as of September 30, 2022)

Platform AWS (Asset management, Wealth management and Securities business)

* Average daily turnover increased by 47% YoY to Rs. 38,962 crore as of September 30, 2023 (September 30, 2022 - Rs. 26,532 crore)

* SEBI Margin Trade Financing loan book grew ~3 times to Rs. 1,211 crore as of September 30, 2023 (September 30, 2022 – Rs. 401 crore) 
* Retail and Elite Wealth AUM increased by 19% and 27% respectively YoY to Rs. 26,414 crore and Rs. 1,466 crore respectively as of September 30, 2023 (Retail and Elite Wealth AUM stood at Rs. 22,247 crore and Rs. 1,156 crore respectively as of September 30, 2022)
* Closing AUM of mutual fund business crossed Rs. 4,000 crore mark and increased by 65% YoY to Rs. 4,057 crore as of September 30, 2023 (Rs. 2,457 crore as of September 30, 2022). Closing AUM of equity schemes grew ~3 times to Rs. 1,783 crore as of September 30, 2023 
* We will continue to invest in digital and asset management businesses

Alternative and Distressed Credit

* JM Financial Asset Reconstruction Company’s AUM stood at Rs. 15,114 crore as of September 2023 (Rs. 11,349 crore as of September 2022, increase of 33%)
* During the quarter, further acquisition of assets stood at Rs. 107 crore and recoveries stood at Rs. 376 crore
 

Summary of Consolidated results:

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