ICICI SEC Q4 highlights –
Cash broking revenue at 20 pc of total,this used to be 50 pc plus for ICICI SEC a few yrs back (this fall is in line with industry trends as discount brokers don’t charge here)
Derivatives revenue at 15 pc of total, up continuously for 7 straight Qtrs
Distribution revenues at 22 pc of total (very healthy, mostly insurance, loans distribution- industry leading matrix this one)
MTF revenues at 26 pc of total (again Mkt leading)
Segment wise Mkt share –
Retail Cash – 11 pc, up yoy- AVG
Retail Derivative – 3.6 pc, up yoy – AVG
Commodity- 6.1 pc,up yoy, AVG
MTF- 22.3 pc, up yoy, Exceptional
MF distribution- 1.7 pc,flat yoy, AVG
Company is the leader in Insurance, Loan distribution vs peers – big positive
Wealth management AUM – 3.2 lakh cr vs 2.9 lakh cr, industry leading . Avg yields here are 0.32
Derivative broking revenue at 117 vs 85 cr yoy !!
Loans disbursed at 1250 cr vs 660 cr yoy. Partnership with TATA capital went live. With many others to go live shortly
Life insurance premium collected at 432 vs 295 cr. Has 12 insurance partnerships via open archietecture
Increase in Qtly cost due – increase in interest rates to provide funds for MTF trading, enhanced technology investments MTF book
NIM at 3.0 vs 4.8 pc- company absorbing cost to gain mkt share
Wealth management customers (> 1 cr aum )at 78k vs 68k yoy
Revenue from wealth management clients crossed 1000 cr vs 3416 cr revenues for the entire company – A huge positive …IMO. 66 pc of this income is recurring, 34 pc is transactional
Revenue from insurance ( both life and non life ) distribution at 102 cr, up 45 pc yoy !!!
ISEC PMS AUM at 1400 cr vs 720 cr LY, a big positive as this is one of the highest yielding product
Company earning 65 bps commission on overall loan sourcing book. When personal loans kick in, this yield should head higher !!!
NIMs on MTF book should be around 3.5 pc for FY 24
Company to press harder for greater mkt share in F&O segment
MTF book at 6.5k cr vs 4.5k cr LY despite weak mkt conditions
Expect FY 24 to be investment heavy yr, wrt investments in Tech, Feet on ground
Added 10k customers in wealth management space in this FY. Aim to accelerate these customer additions
Disc: holding Angel One. Planning to take up a small position in ICICISEC
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