Financial Daily from THE HINDU group of publications
Sunday, Apr 30, 2006
Financial Daily from THE HINDU group of publications Sunday, Apr 30, 2006 |
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Corporate Results
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Private Banks Money & Banking - Financial Performance Industry & Economy - Economy ICICI Bank subsidiaries post higher profit Our Bureau
BETTER RETURNS: The ICICI Bank Managing Director and CEO, Mr K.V. Kamath, and the Joint Managing Director, Ms Lalita D. Gupte, addressing a press conference to the announce bank's results in Mumbai on Saturday. — Shashi Ashiwal
Mumbai , April 29 The subsidiaries of ICICI Bank have shown an improvement in their financial performance. ICICI Prudential Life Insurance has reported a 72 per cent growth in new business at Rs 2,163 crore for the year ended March 31, 2006. Its funds under management are about Rs 8,800 crore. The life insurance major has registered a 69 per cent increase in new business achieved profit to Rs 528 crore (Rs 312 crore). The expense ratio of the company has also declined to 13.8 per cent (17.3 per cent). The general insurance subsidiary ICICI Lombard has reported a profit after tax of Rs 50 crore (Rs 48.3 crore). It has shown an 80 per cent growth in gross written premium to Rs 1592 crore. ICICI Securities, the investment banking subsidiary, has reported profit after tax of Rs 157 crore, up by 146 per cent from Rs 64 crore in the previous year. The company handled 31 equity transactions raising more than Rs 13,700 crore during the fiscal. Prudential ICICI, the asset management subsidiary, has reported Rs 31 crore as profit after tax, higher by Rs 17 crore
Kalpana Morparia is JMD
ICICI Bank has promoted Ms Kalpana Morparia to the post of Joint Managing Director from Deputy Managing Director. At a recent board meeting, Mr Chanda Kochhar and Dr Nachiket Mor have also been promoted as Deputy Managing Directors from Executive Directors.
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