ICICI Securities trades 2% down despite 67% surge in Q3 net profit

ICICI Securities reported a standalone net profit of Rs 465 crore for the quarter ending December 2023, a 67 percent YoY increase against the previous fiscal.

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Shares of ICICI Securities lost nearly 1.84 percent at the open on the NSE on January 17, a day after the company announced a 67 percent on-year rise in net profit for Q3FY24. At 9:40am, the stock was trading at Rs 769.55.

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In a regulatory filing after market hours on January 16,  ICICI Securities reported a standalone net profit of Rs 465 crore for the quarter ended December 2023, a 67 percent on-year increase against the previous fiscal. For the same period, the company reported a 50 percent YoY increase in standalone revenue to Rs 1,322 crore for the reporting quarter.

On November 29, ICICI Bank had announced that it had received approval from both the bourses for delisting the shares of ICICI Securities. On November 9, ICICI Bank announced that it had received approval from the Reserve Bank of India (RBI) to make ICICI Securities its wholly owned subsidiary.

Also read: NSE and BSE grant approval to ICICI Bank for delisting ICICI Securities shares

In its Q3FY24 investor presentation, the company reported a 16 percent YoY increase in total assets to Rs 6.9 trillion and a 11 percent YoY increase in client base to 97 million. For the quarter, the company reported a decline in net cost to income by 38 percent YoY. NIMs for the quarter was 3.1 percent.

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