Diversified financial services company, Edelweiss Financial Services, today reported a 46 per cent jump in its consolidated net profit at Rs 248 crore in the quarter ended March 31 from Rs 170 crore last year.
For the full year, its consolidated profit also grew 46 per cent to Rs 890 crore as against Rs 609 crore in FY17. “FY18 has been a good year for our group. Balance sheet grew by 42 per cent during the same period,” the company’s chairman and CEO, Rashesh Shah, said in a statement.
During the quarter, total revenue rose 35 per cent to Rs 2,623 crore from Rs 1,945 crore in the year-ago period. The asset quality of the overall credit book continued to remain under control with gross NPAs at 1.75 per cent and Net NPAs at 0.7 per cent. Provision cover including provision on standard assets stood at 81 per cent.
In FY18, it’s fund based income was up 18 per cent to Rs 5,656 crore and fee and commission grew 71 per cent to Rs 2,134 crore. At the end of FY18, book size of retail credit was Rs 16,188 crore, up 81 per cent from Rs 8,952 crore at the end of FY17. The consolidated capital adequacy ratio for Edelweiss Group is 17.04 per cent as on March 31, 2018.