ICICI Securities Q2 Results: Profit Jumps 41%; Board Approves Interim Dividend

ICICI Securities Ltd.'s net profit for the quarter-ended September surged amid an increase in its net income. 

The brokerage’s net profit rose 41.53% to Rs 423.83 crore in the September quarter, according to its exchange filing on Monday. The company was expected to report a net profit of Rs 307.6 crore, according to analysts' estimates calculated by Bloomberg.

The net income for the company rose by 44% to Rs 1,248.51 crore in the quarter under review. 

The interest income rose 70.7% in the second quarter to Rs 3,880.3 million, primarily due to increase in average MTF and fixed deposits yields, according to the investor presentation. 

The revenue in the equity segment grew by 51% year-on-year, while in the derivative segment it rose by 43%. 

The board of directors also approved the payment of interim dividend. “Payment of interim dividend of Rs 12 per equity share of face value of Rs 5 each to the shareholders of the company,” the statement said. The record date for the interim dividend is set as Oct. 27, 2023.

The company continues to grow consistently with its focus on revenue across key business segments, acquiring quality clients to improve stickiness, and continued diversification of product width, it said. 

The company on Monday also said that Ankit Sharma, head of compliance and legal, will resign on Dec. 7 this year. 

Shares of ICICI Securities closed 0.03% lower at Rs 630.50 apiece, as compared with a 0.10% decline in the benchmark Nifty 50 on Monday.