ICICI Securities net up 52 per cent
By Our Markets Bureau | 05 May 2004
Mumbai: ICICI Securities (I-Sec) has registered a net profit of Rs 164.6 crore for the full year ended March 2004, up 52.2 per cent from Rs 108.2 crore in the previous year. The company paid a dividend of Rs 91 crore or 44.75 per cent to its parent, ICICI Bank.
Gross income of the consolidated company inclusive of its two US subsidiaries increased 12.7 per cent to Rs 361.1 crore (Rs 320.5 crore). Interest outgo decreased to Rs 63.1 crore (Rs 87.3 crore).
Major portion of income of Rs 301.1 crore came from trading activities in the domestic debt markets at a time when most banks saw their trading income plummet. Fee income through investment banking and equity broking was at Rs 60 crore.
''While trading income is a function of the environment, investment banking activities should step up with M&As likely to be seen in the IT, BPO space as well knowledge industries of pharma and auto components,'' said S Mukherji, ceo, I-Sec.
The net worth of the company increased to Rs 392.5 crore (Rs 351.1 crore).
