New Delhi [India], April 24 : SBI Securities, the trading and investment arm of the State Bank of India, on Monday, released its annual financial results for the just concluded financial year 2022-23.
The company's revenue increased from 830.86 crores to 1,203.14 crores in 2022-23 (April-March), with a growth rate of 44.8 per cent.
Besides, the net profit increased from 233.01 crores to 308.04 crores in 2022-23, with a growth rate of 32.2 per cent.
SBI Securities is a subsidiary of SBI Capital Markets Ltd. - a wholly-owned subsidiary of the State Bank of India. The company offers robust trading and investment platforms.
Looking at a five-year horizon compared to the financial year 2017-18, the net profit has grown by 307.5 per cent and total income has grown by 236.5 per cent, the company said in a statement Monday.
It said the financial performance can be attributed to the company's strategic initiatives, innovative product offerings, and robust business model.
The company's digital platforms have helped it reach a wider audience reaching up to 3.6 million clients in total, including 1.1 million clients in FY 22-23 itself.
"We have continued to focus on delivering value to our clients through a range of investment solutions. We have also leveraged technology to enhance our trading and investment platform to improve customer experience and operational efficiencies," said Deepak Kumar Lalla, the MD and CEO of SBI Securities.
Lalla is optimistic and expects an increased profitability rate of 25 per cent in the coming year.
"Along with the markets expected to return to better conditions, SBI Securities is adding more investment avenues to increase its bouquet of products while focusing on client activation, leading to a projected 25 per cent increase in profitability in the coming year."
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