ICICI Securities, the broking arm of ICICI Bank, today reported a 13 per cent year-on-year rise in net profit at Rs 134 crore in the June quarter.
The company had reported a consolidated net profit of Rs 118 crore in the same period last year.
Its revenue rose by 9 per cent to Rs 436 crore in the June quarter, against Rs 401 crore in the year-ago period, a release said.
The company improved its broking revenue to Rs 230 crore in the reporting quarter, against Rs 227 crore last year, despite weak retail participation in the equity markets, a segment which accounts for its 90 per cent broking revenue, it said, adding institutional broking grew by 22 per cent.
The distribution revenue increased by 17 per cent to Rs 116 crore, against Rs 99 crore last year.
Shilpa Kumar, managing director, ICICI Securities, said, "We have continued to diversify with non-broking business now accounting for 37 per cent of our overall revenue with distribution, wealth management and corporate finance businesses outperforming the overall company."
The company added 1.1 lakh new clients in the quarter, taking the number of operational accounts to 41 lakh.
Its stock ended 3.44 per cent higher at Rs 312.85 apiece on the BSE today, compared with a 0.61 per cent rally in the benchmark.
Disclaimer: No Business Standard Journalist was involved in creation of this content
