IIFL reports 12 pct decline in net profit to Rs 220 cr in Q3

Financial services firm IIFL Wednesday reported a 12 per cent decline in consolidated net profit to Rs 220 crore for the December 2018 quarter. The firm had posted a net profit of Rs 250 crore in the December quarter of 2017-18 fiscal.

IIFL's consolidated total income also declined to Rs 990 crore in the third quarter of the current fiscal, from Rs 1,014 crore in the corresponding period of the previous financial year. IIFL Holdings Chairman Nirmal Jain said the quarter has been challenging.

"I do not see any threat to the long-term potential or prospects of all our businesses. We see an even bigger opportunity with the continuing formalisation of credit. IIFL Wealth is making decisive strides towards an advisory business model," Jain said. IIFL is a diversified financial services firm engaged in non-banking and housing finance, wealth and asset management, financial advisory and broking, mutual Funds and investment banking, among others. Shares of IIFL Holdings closed at Rs 450.30, up 3.21 per cent on the BSE.