ICICI Bank Blog

This is a Unofficial blog of ICICI Bank Ltd, I created this only for information to all it's investors about what the company is doing.Information in this blog may or may not be correct.

Saturday, October 20, 2007

ICICI Bank net up 33% at Rs 1,003cr

ICICI Bank, the country’s second largest bank, has reported 33 per cent increase in net profit in the quarter ended September 30, 2007, driven by growth in net interest income. The bank’s net profit, for the first time, was in four digits at Rs 1,003 crore.

Total income has risen by 41 per cent to Rs 9,588.41 crore against Rs 6,796.82 crore from a year ago. Net interest income grew by 34 per cent to Rs 1,786 crore, while non-interest income rose by 43 per cent to Rs 1,897 crore. Other income was up 31.95 per cent to Rs 2,071.94 crore.

“The bank’s profit is driven by growth in net interest income. The advances has also seen a healthy growth. The growth in retail loans are in line with that of the industry. We see a good pipeline of business in the corporate and international banking segment,” said Vishakha Mulye, ICICI Bank, group, chief financial officer.

Fee income rose by 25 per cent to Rs 1,486 crore. International banking and corporate operations contribute around 30 per cent to the fee income.

The bank’s net interest margin stood at 2.25 per cent compared with 2.13 per cent in the corresponding quarter last year.

Advances portfolio increased 33 per cent to Rs 2,07,121 crore. The advances of the bank’s international branches increased 146 per cent to Rs 36,994 crore. Retail advances has grown by 22 per cent. Incremental growth in retail advances has been about 13 per cent (Rs 9,000 crore).

“Incremental growth in the retail portfolio has been flat. It is been our constant strategy to grow the non-collateralised loan portfolio.

The share of unsecured loans to total retail advances has risen to 15 per cent from about 8 per cent. In this segment, though the rate of delinquency is high, the return is also relatively high. We continue to evaluate the business opportunities and will alter our strategy accordingly,’’ added Mulye.

The bank’s net non-performing assets to net advances has risen to 1.4 per cent from 1 per cent, while the gross NPAs rose to 2.8 per cent from 1.9 per cent. The bank’s capital adequacy ratio stood at 16.76 per cent.

Even though the bank’s current and saving account (CASA) base has grown by 38 per cent, the cost of funds is around 7.7 per cent. Of the total deposit base of about 2,28,307 crore, 26 per cent accounts for CASA, while the balance is corporate deposits.

“Compared to our peers, the share of CASA has always been low as we have a legacy,” added Mulye.


At 7:14 AM, Blogger goyal said...

This comment has been removed by the author.

At 7:15 AM, Blogger goyal said...

Umesh Raheja - Icici investment manager of Toronto will die and go to hell. The basterd illitrate does not even know a single word in english and talks to me of giving him a job. Idiot and moron's wife is my girl friend who already hates him and is thinking of giving him a divorce upon getting citizenship.

At 9:41 PM, Blogger samatha bharathi said...

corporation bank net banking

At 10:13 PM, Blogger Samco Securities said...

Nice post on Indian Stock Market

At 9:02 PM, Blogger Nadagam Recipes said...

Very Nice Post Keep It Up


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