The Hindu Business Line : I-Sec net up 52 pc at Rs 165 crore

ICICI Securities (I-Sec), the investment banking, equity broking and primary dealership arm of ICICI Bank, has posted 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. I-Sec 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).

Large chunk 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 Mr S Mukherji, CEO, I-Sec.

The net worth of the company increased to Rs 392.5 crore (Rs 351.1 crore).

I-Sec's two subsidiaries in the US generated a fee income of Rs 4.4 crore by providing corporate advisory and brokerage services to the investors in the US who wished to enter the Indian financial market and Indian investors who wished to enter the financial market in the US.

During the year, it achieved a turnover of over Rs 1,00,000 crore in the Government securities market.

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