Wall Street Fin inducts Sudip on Board

MUMBAI: Wall Street Finance today announced its un-audited financial results for the quarter ended September 30, 2008. The performance highlights are:


* Operational Review for the Quarter ended September 30, 2008

* Total income of Rs. 929.45 lakhs, against Rs. 713.78 lakhs in the corresponding period, an increase of 30.22 per cent

* Net profit of Rs. 24.67 lakhs, against Rs. 9.73 lakhs in the corresponding period, an increase of 153.55 per cent

The Company also inducted Mr. Sudip Bandyopadhyay, Director & CEO, Reliance Money,Mr. S. P. Talwar, Retired Deputy Governor, Reserve Bank of India and Mr. Rajnikant Patel,Ex-Executive Director & CEO, Bombay Stock Exchange on its Board.

“We are very pleased with this strategic tie-up with Reliance Money Express. We strongly believe that this tie-up will help us build on synergies and propel our recently launched Investment Services further,” said Mr. Areef Patel, Vice Chairman, Wall Street Finance Ltd.

"I am pleased to join the Wall Street Finance Board. We are confident that this association will capitalise on the strength of both Reliance Money Express and Wall Street Finance, paving the way for a new chapter in the financial services sector in the country,” said Mr. Bandyopadhyay, newly inducted Director of Wall Street Finance.

Wall Street Finance Ltd. (WSFL) was set-up in 1986 as a Public Limited Company and is today a leader in Foreign Exchange and Money Remittance services in the country. The Company has a market capitalisation of approximately Rs. 40 crore and a 3-year dividend track record. It is the only deposit-taking NBFC (D) that also has an Authorised Dealer-II licence. This prestigious licence has been issued to the Company based on its 15-year-old track record in the field of foreign exchange as well as strict compliance policies adopted by the Company. This has now opened a large market for the Company, in the field of foreign exchange, which was earlier restricted to banks. The Company is now able to offer Outward Remittance Services for a wide range of activities. To capitalise on the huge opportunity in both Inward and Outward Remittance, WSFL is expanding its network by opening more branches across the country.

The Company is one of the principal agents of Western Union Money Transfer and operates over 3500 locations for Money Transfer. It has now got into Investment Services as a distributor of various Wealth Management Products of Reliance ADAG.