SBI Securities, the trading and investment arm of the State Bank of India, India’s largest and most trusted bank, has issued its annual financial results for the fiscal year ending March 31, 2023. The results indicate the company’s rapid expansion and commitment to offering superior services to its clients.
In fiscal year 22, the company recorded total sales of 830.86 crore, but in fiscal year 23, revenue climbed by 44.8% to 1203.14 crore. The net profit increased by 32.2% from 233.01 crore in FY 22 to 308.04 crore in FY 23.
Looking at a 5-year horizon, net profit has increased by 307.5% and total income has increased by 236.5% compared to FY’17-18. This outstanding financial performance may be due to the company’s strategic efforts, innovative product offerings, and solid business strategy.
Deepak Kumar Lalla, the MD&CEO of SBI Securities, expressed his satisfaction with the company’s strong financial results for the year ended March 31, 2023, saying, “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 further stated, “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% increase in profitability in the coming year.”
SBI Securities has been at the forefront of digital innovation, and its investment in technology has paid off. The company’s digital platforms have assisted it in accessing a larger audience, totaling 3.6 million clients, including 1.1 million clients in FY 22-23 alone. The SBI Securities Trading & Investment App won the ‘Best Mobile App Initiative – Stock Broking Company’ award at the 2nd Annual NBFC and Fintech Excellence Awards 2023, the ‘Enterprise Mobility Award’ at the BFSI Technology Conclave 2022, and the ‘Digital Customer Experience Transformation Initiative Award’ at the Technology Excellence Awards 2022.
SBI Securities has continued to extend its product offerings in addition to its financial success. Clients have responded positively to the company’s introduction of various innovative and distinctive investing products, such as mutual fund packs and options arena.
SBI Securities has also been recognised for its corporate social responsibility efforts. Several initiatives aiming at improving financial literacy and strengthening underserved populations have been supported by the corporation.
Overall, the financial results of SBI Securities show the company’s robust growth and ongoing dedication to providing innovative financial solutions to its clients. SBI Securities is well positioned to continue its growth trajectory in the years ahead, thanks to a focus on technology and customer-centricity.
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