ICICI Securities Q3 Profit Rises 66% to Rs 466 Crore

New Delhi: ICICI Securities, a part of the ICICI Group on Tuesday reported a 66 percent jump in its net profit to Rs 466 crore for the third quarter ended December 2023. The overall revenue jumped 50 percent year on year at Rs 1.323 crore.

Retail Equities and Allied revenue stood at Rs 755 crore, marking a 50% year-on-year (YoY) increase, within which equity revenue grew by 60% YoY to Rs 278 crore and derivative revenue grew by 22% YoY to Rs 124 crore, the company said. 

Distribution income reached Rs 175 crore, demonstrating an 5% YoY growth. Private Wealth Management (PWM) revenue stood at Rs 403 crore, up 56% YoY. 

On the institutional side, Issuer Services and Advisory revenue escalated to Rs 973 crore, reflecting a healthy 102% YoY increase while Institutional Equity & Allied Revenue reached Rs 903 crore, a noteworthy increase of 94% YoY. 

MF and other distribution revenue grew by 14% YoY and 16% YoY respectively, loans distributed for Q3FY24 stood at Rs 2,170 crore, up 116% YoY.

As of December 31, 2023, ICICI Direct’s total client assets reached approximately 7 lakh crore, marking a significant 16% YoY increase. The PWM Assets Under Management (AUM) reached 4 lakh crore, reflecting a strong 25% YoY growth, it added.

Commenting on the results and financial performance, Vijay Chandok, Managing Director and CEO of ICICI Securities said, “We continue to grow with our focus on acquisition of quality clients, gaining market share in revenue generating segments, growing our distribution business, enhancing customer experience and continued investment in enhancing franchise as well as technology. Overall, we strongly believe that the medium to long term story for the industry remains intact.”