Financial Daily from THE HINDU group of publications
Saturday, Jul 24, 2004
Financial Daily from THE HINDU group of publications Saturday, Jul 24, 2004 |
||
|
|
||
|
Home Page
-
Financial Performance Corporate Results - Private Banks Money & Banking - Financial Performance ICICI Bank Q1 net up 26 pc — Gets RBI nod for 75 pc dividend Our BureauOur Bureau
Our Bureau Mumbai , July 23 ICICI Bank Ltd has recorded 26 per cent rise in net profit at Rs 430.74 crore for the first quarter ended June 30 against a net profit of Rs 340.2 crore in the corresponding previous period. Net interest income increased 39 per cent to Rs 631 crore (Rs 455 crore), while fee-based income rose 77 per cent to Rs 418 crore (Rs 236 crore). Retail assets grew 62 per cent at Rs 36,583 crore (Rs 22,535 crore). "Clearly, we have seen strong growth in retail. But we also see healthy pipeline of credit growth in the industrial sector, in the areas of infrastructure, power and telecomm," said Ms Kalpana Morparia, Joint Managing Director. "We see demand coming in from across all industries for capacity expansions etc. These are not greenfield projects but what we call brownfield projects." The bank has received approval from the Reserve Bank of India to pay 75 per cent dividend for the year ended March 31, 2004.
Total income for the quarter under review dropped to Rs 2,853.49 crore from (Rs 2,938.55 crore), a release said. This is inclusive of interest earned at Rs 2,195.78 crore (Rs 2,294.74 crore) and other income at Rs 657.71 crore (Rs 643.81 crore). Total expenditure declined to Rs 2,297.65 crore (Rs 2,434.11 crore), while total deposits increased 24 per cent to Rs 66,780 crore (Rs 53,853 crore). During the period, the bank repaid Rs 1,800 crore of the erstwhile ICICI's liabilities. The bank's average cost of deposits for the first quarter was 4.5 per cent compared to six per cent the previous year. Its net restructured assets were Rs 7,264 crore (Rs 10,491 crore). Non-performing assets constituted 2.7 per cent of customer assets against 4.9 per cent in the corresponding previous period. The bank's home loan disbursements during the first quarter were Rs 3,855 crore.
Retail assets constituted 56 per cent of advances and 50 per cent of customer assets. The sell down or securitisation of assets was about Rs 4,000 crore.
More Stories on : Financial Performance | Private Banks | Financial Performance
Article E-Mail :: Comment :: Syndication :: Printer Friendly Page
|
Stories in this Section |
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | Business Line | Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |
Copyright © 2004, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line
|