Latest News | Geojit Q2 Net Profit Rises 22 Pc to Rs 40.5 Cr

Kochi, Oct 27 (PTI) Leading brokerage Geojit Financial Services on Wednesday reported a 22 per cent rise in net income to Rs 40.5 crore for the September quarter on robust fee income from the market rally.

The company had registered a net income of Rs 33.3 crore in the same period last fiscal.

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Its revenue rose 17 per cent to Rs 127.24 crore in the reporting quarter from Rs 108.59 crore a year ago, the Kochi-headquartered company said in a statement.

CJ George, the founder and managing director, attributed the numbers to the vibrant capital market, which helped its flagship brokerage business to do better.

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Vibrant capital markets helped us grow our distribution income during the reporting quarter. Another reason for all-around growth is customer loyalty, developed over the decades, which immensely helped us grow the business even in a highly competitive landscape, George told PTI.

For the first half, revenue increased 24 per cent to Rs 248.21 crore from Rs 199.65 crore and it earned a net income of Rs 78.86 crore during the period, up 36 per cent from Rs 57.85 crore a year ago, the company said.

Geojit, which was the first brokerage to begin online trading way back in 2000, said its broking income grew marginally from Rs 72 crore to Rs 75 crore, while income from equity trading fees grew 8 per cent to Rs 90.3 crore from Rs 83.50 crore.

Its assets under custody and management built over 34 years stood at Rs 61,557 crore across over 11.4 lakh clients, who are serviced by 2,345 employees through 460 offices.

The company offers equity broking, mutual funds and insurance distribution, portfolio management services and loans, apart from software. Its mutual fund assets stood at Rs 10,302 crore up from Rs 6,861 crore.

Geojit was the first to begin internet and mobile trading and also depository transactions through the internet and commodity trading in rubber, cardamom, gold and silver futures.

Apart from being the largest and oldest brokerage in Kerala, Geojit also has a strong presence in the Gulf Cooperation Council markets.

Its GCC subsidiaries/joint ventures/partnerships are Barjeel Geojit Financial Services in UAE; BBK Geojit Securities in Kuwait and QBG Geojit Securities in Oman apart from its presence in Bahrain through a business partnership with Bank of Bahrain and Kuwait.

French financial powerhouse BNP Paribas, CJ George and stock market investor Rakesh Jhunjhunwala are the prominent shareholders of the company.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)