Stocks

ICICI Securities net jumps 95%

Our Bureau. Chennai | Updated on January 25, 2021

ICICI Securities on Monday reported a 95 per cent (consolidated) year-on-year jump in net profit ₹267 crore for quarter ended December 31, 2020.

The online brokerage firm had posted a net profit of ₹137 crore in the year-ago period, it said in a statement. Revenue increased 47 per cent to ₹620 crore (₹423 crore).

According to ICICI Securities, the surge in quarterly PAT was due to growth in revenue and improvement in margins.

 

Clients: Highest addition

I-Sec has a client base of approximately 50.7 lakh, of which over 1.39 lakh were added during the quarter, which is highest ever addition in a quarter, the company said. Digital sourcing continues to demonstrate strength with nearly 38,000 customers added through during the quarter as against 28,000 in Q2 and 20,000 in Q1. "The growth in revenue has been supported by strong all-around performance in equities and allied business, distribution business, private wealth management business, and investment banking business," the company said. "Our new customer acquisition during the quarter was the highest ever and we are confident of maintaining the momentum on the back of increased traction on digital sourcing channel," Vijay Chandok, Managing Director and Chief Executive Officer of ICICI Securities, said.

He, further, said the distribution business has also performed well this quarter, with both the mutual fund (MF) and non-MF revenues growing.

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Published on January 25, 2021
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