ICICI Securities reports 3.22% rise in Q2 profit at ₹134.22 crore
ICICI Securities' revenues grew to 458.10 crore in September quarter from 455.28 crore a year ago
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Business News/ Companies / Company-results/ ICICI Securities reports 3.22% rise in Q2 profit at ₹134.22 crore
New Delhi: Leading investment services firm ICICI Securities Friday reported a 3.22% growth in its net consolidated profit after tax (PAT) to ₹ 134.22 crore for the three months ended September 30.
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In comparison, the company had a PAT of ₹ 130.03 crore in July-September quarter of 2017-18, ICICI Securities said in a filing to the stock exchanges.
The company’s revenues grew to ₹ 458.10 crore in the period under review from ₹ 455.28 crore in the second quarter ended September 30, 2017.
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Besides, the company has declared an interim dividend ₹ 3.70 per share.
In another development, Vinod Kumar Dhall has been appointed as the chairman of the company.
Dhall, who served as a secretary in the ministry of corporate affairs, was instrumental in setting up the Serious Fraud Investigation Office and initiated the pioneering e-governance project MCA21.
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He has also served as an acting chairman of the Competition Commission of India until 2008. He has long experience in economic and industrial matters and regulatory experience, including as member, Sebi and in insurance.
ICICI Securities Ltd (I-Sec), a subsidiary of ICICI Bank, offers a wide range of financial services, including investment banking, institutional broking, retail broking, private wealth management, and financial product distribution.
During the second quarter of the current fiscal, the company’s broking revenue with interest income rose 4% to ₹ 292 crore, while revenue from distribution business surged 19% to ₹ 128 crore.
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For the half year period ended September 30, the firm posted a 8% increase in its PAT to ₹ 268 crore, against ₹ 248 crore registered in April-September 2017-18, while revenue climbed 4% to ₹ 894 crore in the period under review as against ₹ 857 crore in the year ago period.
“We have sustained revenue and profit growth for the half year in an otherwise muted market. In the broking business, we continue to sustain our market share and have maintained our leadership position. We are focused on revenue diversification through cross sell and are garnering scale in several of our newer initiatives like financial advisory businesses.
“We remain committed to the long term prospects of the Indian capital market and will invest in technology and innovation to take advantage of the macroeconomic trends of increasing financialisation and equitisation in household savings," the company’s managing director and chief executive officer Shilpa Kumar said.
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This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.
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