Reliance Securities, the Broking & Distribution arm of Reliance Capital announced its financial results for the first quarter ended June 30, 2017. The total income for the quarter ended June 30, 2017, was Rs 82 Crore (US$ 13 million) – a YoY increase of 51%. Profit Before Tax rose to Rs. 7 Crore (US$ 1 million) in Q1FY18, vis-à-vis marginal profit in the corresponding previous period.
In equity broking, the average daily equities turnover grew to Rs. 3,942 Crore (US$ 607 million) – a YoY increase of 52%. The average daily turnover in cash – equity segment rose by 42% to Rs. 278 Crore (US$ 43 Million)
In commodity broking, as on June 30, 2017, the commodity broking accounts rose by 30% to approx. 85,800 with average daily commodities turnover of over Rs. 234 Crore (US$ 36 million)
Wealth Management continued its robust growth and ended with Assets Under Management (AUM) at Rs 3,989 Crore (US$ 614 billion) – a YoY increase of 44%.
As on June 30, 2017, there were over 8 Lakh broking accounts – YoY increase 3%.
Incidentally, Reliance Securities offers the largest array of financial offerings helps customers fulfilling their investment objectives on one platform.“Our growth is driven by digital transformation we undertook over the last 18 months; with a continued focus on cash market segment along with an enhanced focus on distribution of investment products which has driven our profitability”, said Mr. B. Gopkumar, ED & CEO, Reliance Securities.
Taking digital transformation to a new level, Reliance Securities is the first in the industry to integrate a fully digital single platform model for broking and distribution. 95% of new accounts were opened digitally enabling clients to trade on the same day.
The business has an extensive geographical footprint of approx. 80 branches and 1,000 customer touch points across India.