India city Mumbai covid-19 2020 pandemic India city Mumbai

₹93.6 cr on additional COVID-19 provision

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MUMBAI : JM Financial Group on Thursday reported a 26.5 per cent decline in its consolidated net income to ₹93.61 crore for the June 2020 quarter, impacted by coronavirus-driven disruptions in its businesses as well as higher additional provisions.The company had posted a net profit of ₹127.29 crore in the corresponding quarter of the previous financial year, according to a regulatory filing.The nationwide lockdown has adversely impacted its revenue, which declined 19.32 per cent to ₹691.11 crore in the reporting quarter, which, for most businesses, was a washout.The profit was hit as the company has made an enhanced provision of ₹66 crore towards the pandemic in the quarter.The lockdown resulted in loan book coming down by almost a third.

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