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The increase in revenue was led by growth in broking income with cash and derivative segment gaining momentum and growth in investment banking segment.
Consolidated profit before tax jumped 41.1% year on year (YoY) to Rs 569.35 crore in the quarter ended 30 September 2023.
Interest income stood at Rs 388.03 crore in Q2 FY24, up 70.7% YoY; primarily due to increase in average MTF and fixed deposits yields.
Brokerage income increased 47.3% YoY to Rs 484.39 crore in Q2 FY24, primarily due to increase in equity & derivative volumes.
Retail Equities & allied revenue grew 39% YoY to Rs 701 crore due to increase in cash volumes and growth in equity allied business.
The Distribution Business reported revenues of Rs 176.1 crore for the quarter, up 13% YoY led by increasing mutual fund distribution business.
Institutional equities & allied revenue business during the quarter was Rs 104.9 crore, up 147% YoY in Q2 FY24 and Issuer Services & Advisory revenue grew 62% YoY to Rs 79.1 crore in Q2 FY24.
ICICI Private wealth management (PWM) business reported Rs 370.8 crore of revenue in Q2 FY24, up 20% YoY.
ICICI Securities (I-Sec) is a subsidiary of ICICI Bank. Through its four lines of businesses -- broking, distribution of financial products, wealth management and investment banking-- I-Sec serves customers ranging from the retail and institutional investors to corporates to high net-worth individuals to government.
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