ICICI Securities' YoY consolidated net profit up 61%
ICICI Group's subsidiary ICICI Securities on Wednesday reported a year-on-year rise of 61 per cent in its consolidated net profit for Q1FY22.
The consolidated net profit for Q1FY22 rose to Rs 311 crore from Rs 193 crore in Q1FY21, on account of growth in revenue and improvement in margins.
The company reported consolidated revenue of Rs 748 crore in Q1FY22, against Rs 546 crore in Q1FY21, up 37 per cent.
According to the company, the rise was aided by strong all-round performance in equities and allied business, distribution business, distribution business, private wealth management business, as well as investment banking business.
"ICICI Securities has a client base of 5.8 million, of which 3.9 lakh were added during the quarter, which is highest ever addition in a quarter."
"Digital sourcing continues to demonstrate strength with 2.7 lakh customers added through this channel during the quarter. Our open architecture digital acquisition model, is also witnessing encouraging traction with over 75 per cent of new accounts being opened by non-ICICI Bank channels."
In addition, it said that total client assets stood at Rs 4.4 lakh crore on l June 30, 2021, versus 2.4 lakh crore a year ago, up 84 per cent.
