Financial Daily from THE HINDU group of publications
Friday, Oct 22, 2004
Financial Daily from THE HINDU group of publications Friday, Oct 22, 2004 |
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Corporate Results
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Private Banks Money & Banking - Financial Performance Treasury gains dented; ICICI Bank Q2 net rises 10 pc Our Bureau
Mumbai , Oct. 21 ICICI Bank has registered a 10.13 per cent growth in net profit for the second quarter ended September 30, 2004, at Rs 442.08 crore as against Rs 401.40 crore in the corresponding quarter, the previous year. During the period, the bank earned a treasury profit of Rs 123 crore, as against Rs 461 crore last year. "Last year with benign interest rates we were able to realise better gains on our treasury income. In fact, at that time the treasury income was higher than even our profit after tax, which was at Rs 453 crore", said Ms Kalpana Morparia, Deputy Managing Director, ICICI Bank. "This year the treasury income has been lower on account of market conditions. Credit off-take has been exceedingly good and we are witnessing a lot of demand for funds from corporates," she said. In the second quarter of the current fiscal, total income of the bank was lower at Rs 3,065.92 crore (Rs 3,072.88 crore). This is inclusive of interest earned at Rs 2,230.52 crore (Rs 2,210.67 crore) and other income at Rs 835.40 crore (Rs 862.21 crore). Total expenditure was at Rs 2,314.15 crore (Rs 2,379.69 crore). This is inclusive of interest expended at Rs 1,545.31 crore (Rs 1,738.32 crore) and operating expenses at Rs 768.84 crore (Rs 641.37 crore). For the half year ended September 30, 2004, total advances rose by 25 per cent to Rs 67,901 crore (Rs 54,127 crore). Home loan disbursements during this period were at Rs 8,221 crore. Retail assets contributed 52 per cent of customer assets as on September 30, said a press release. Total deposits grew by 26 per cent to Rs 71,598 crore (Rs 56,880 crore). The bank's net restructured assets were at Rs 6,817 crore (Rs 7,856 crore). Net non-performing assets constituted 2.6 per cent (4.8 per cent). Capital adequacy was at 15.2 per cent. For the six months ended September 30, the net profit was up at Rs 872.82 crore compared to Rs 741.6 crore in the first half of 2003-04, the bank said.
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