By: ABP News Bureau | Updated at : 25 Apr 2023 05:58 PM (IST)
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, says Deepak Kumar Lalla, MD and CEO. ( Image Source : Getty )
SBI Securities, the trading and investment arm of India’s largest bank — State Bank of India — released its annual financial results for the year ended March 31, 2023. The company reported a total revenue of Rs 830.86 crore in FY22, while in FY23, the revenue increased to Rs 1203.14 crore, with a growth rate of 44.8 per cent.
The net profit also increased from Rs 233.01 crore in FY22 to Rs 308.04 crore in FY23, with a growth rate of 32.2 per cent.
Looking at a 5-year horizon i.e., compared to FY17-18, the net profit has grown by 307.5 per cent and total income has grown by 236.5 per cent. This excellent financial performance can be attributed to the company’s strategic initiatives, innovative product offerings, and a robust business model.
Deepak Kumar Lalla, MD and CEO of SBI Securities, expressed his satisfaction with the company’s strong financial results. He said, “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.”
He also said, “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.”
SBI Securities has been at the forefront of digital innovation, and the company’s investment in technology has continued to pay off. 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 FY22-23 itself.
SBI Securities has continued to expand its product offerings. The company has launched several new and unique investment products, including mutual fund packs and options arena, which have been well received by clients.
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