Financial Daily from THE HINDU group of publications
Friday, Oct 14, 2005
Financial Daily from THE HINDU group of publications Friday, Oct 14, 2005 |
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Private Banks Corporate Results - Private Banks Money & Banking - Financial Performance ICICI Bank Q2 net up 31% at Rs 580 cr — Fee income, retail assets drive profit growth Our Bureau
Mumbai , Oct. 13 ICICI Bank has posted a net profit of Rs 580 crore for the quarter ended September 30, 2005, up 31 per cent from Rs 442 crore posted in the corresponding quarter last year due to the high growth in fee income and retail assets. Total income for Q2 2005-06 was at Rs 4,324.86 crore against Rs 3,065.92 crore. Net interest income increased to Rs 953 crore from Rs 685 crore, an increase of 39 per cent. Total expenditure moved up to Rs 3,280.80 crore from Rs 2,314.15 crore. Fee income showed a healthy growth at Rs 704 crore, up 31 per cent from Rs 537 crore. Treasury income also increased to Rs 240 crore from Rs 123 crore last year. Retail assets increased 73 per cent to Rs 68,537 crore from Rs 39,609 crore. Retail assets constitute 64 per cent of the total advances and 61 per cent of the customer assets. Deposits increased 68 per cent to Rs 1,20,452 crore from Rs 71,598 crore. The ratio of net non-performing assets (NPAs) to customer assets decreased from 2.60 per cent last year to 0.97 per cent this year. For the first half of 2005-06, net profit increased by 27 per cent to Rs 1,110 crore from Rs 873 crore last year. Total retail disbursements in the first half were about Rs 25,900 crore, including home loan disbursements of about Rs 10,600 crore. The growth in credit in the corporate, small and medium enterprise, rural and agri-business segments and international banking increased by 33 per cent to Rs 38,500 crore from Rs 28,900 crore last year. "The bank is focusing on loan origination in the retail and agriculture segments and on non-fund based products and services," said a press release issued by ICICI Bank.
ICICI Bank has received regulatory approval for setting up branches in Hong Kong and Sri Lanka and at the Dubai International Financial Centre. The bank also saw an increase in the number of its domestic branches and extension counters to 583 from 470 last year. The capital adequacy ratio was at 11.5 per cent as on September 30, 2005 (15.2 per cent). The shares of ICICI Bank closed at Rs 525.60 against Rs 538.2 on the BSE, down 2.34 per cent.
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