Kochi, Oct 16: City-based Geojit BNP Paribas Tuesday announced its second quarter results for 2012-13 which showed its net profits rising to Rs.45.31 crore from Rs.6.05 crore during the like period in the last fiscal.
Geojit BNP Paribas Financial Services is one of the leading retail stock brokers in the country with a strong presence in the Middle East.
The company pointed out that it has accounted for the exceptional income of Rs.35.97 crore during the quarter arising from gain on the sale of a substantial portion of its stake in the joint venture with BNP Paribas for institutional broking. This resulted in the jump in net profit during the quarter.
Elaborating on the results, Geojit BNP Paribas Managing Director C.J. George said the sale of institutional broking business and overall control on cost helped the company to report better results during the quarter.
“Although the market volumes increased significantly during the last one month, due to sluggish market conditions during most part of the last quarter, the revenues increased only marginally,” said George.