Geojit BNP Paribas Q1 net dips 30%

Geojit BNP Paribas Financial Services' net profit dipped 30% at Rs 4.3 crore for the quarter ended June 2011, against Rs 6.19 crore registered during the same period last year.

Geojit BNP Paribas Financial Services' net profit dipped 30% at Rs 4.3 crore for the quarter ended June 2011, against Rs 6.19 crore registered during the same period last year.

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The consolidated revenues also declined by four% at Rs 61.80 crore, against Rs 64.46 crore in the corresponding period last fiscal.

Commenting on the results Geojit BNP Paribas managing director CJ George said the adverse stock market conditions caused by the high inflation-high interest environment had affected the profitability of the operations during the first quarter of this fiscal year.

The market volumes are expected to pick-up once the interest rate starts declining, a statement quoted him as saying.

The company's first quarter results for 2011-12 financial year were announced on Tuesday, after a meeting of the board of directors in Kochi. The AGM also approved a dividend of 75%.

Geojit BNP Paribas Financial Services is one of the leading retail stock brokers in India, with a strong presence in the Gulf countries.

Listed on the National Stock Exchange and on the Bombay Stock Exchange, it has more than 605,000 clients, a network of over 565 offices and manages assets worth around Rs 12,650 crore. BNP Paribas is its main shareholder.