ICICI Securities third quarter net profit up 95% to Rs 267 crore

The firm saw growth in revenue and improvement in margins

ICICI Securities on Monday reported a 95 per cent jump in profit after tax at Rs 267 crore for three months ended December 31 on account of growth in revenue and improvement in margins.

In comparison, the company had posted a profit after tax (PAT) of Rs 137 crore in the year-ago period, ICICI Securities said in a statement.

The company has attributed the surge in quarterly PAT to growth in revenue and improvement in margins.

ICICI Securities' revenue shot up by 47 per cent to Rs 620 crore in the quarter under review from Rs 423 crore in the three months ended December 31, 2019.

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.

ICICI Securities, a subsidiary of ICICI Bank, is a leading retail-led equity franchise, distributor of financial products, and investment bank.

"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.