Nuvama net jumps 77 per cent to Rs 258 crore, AUM crosses Rs 4.4 trillion mark

Commenting on the performance Nuvama Group chief executive Ashish Kehair said that over the past three to six months, global factors such as geopolitical tensions, uncertainty from US presidential elections and lacklustre quarterly earnings back home may have paused the bull run, however, the country’s economic growth as a long-term theme remains intact.

Given that the GDP is expected to double in the next five to six years augurs well for wealth and asset management and the sector has started seeing signs of rising interest from multiple players to address the needs of the customers across the wealth spectrum.

The past six months saw the company adding more clients than what we saw last year, he said, adding client assets have grown even faster crossing the milestone of Rs 4 trillion supported by client’s trust and market momentum.

In wealth management, the company continues to attract talent and expand with the past 12 months adding 350 relationship managers, establishing its presence offshore and deepening the domestic presence beyond the metros with the latest addition being Goa.

The asset management business has crossed the Rs 10,000 crore mark in just three years.

Wealth management client assets grew 41 per cent to  Rs 3,05,824 crore.

Nuvama Wealth’s revenue grew 25 per cent to Rs 203 crore and profits jumped 20 per cent to Rs 71 crore. Nuvama Private revenue rose 22 per cent to Rs 144 crore and profit rose 25 per cent to Rs 48 crore.

Asset management revenue jumped 45 per cent to Rs 17 crore and the AUM stood at Rs 10,288 crore, up 67 per cent.