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Sunday, Apr 29, 2007
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Business Daily from THE HINDU group of publications Sunday, Apr 29, 2007 ePaper |
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Private Banks Money & Banking - Financial Performance Corporate Results - Private Banks
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Mumbai April 28 ICICI Bank's net profit for fiscal 2007 rose 22 per cent to Rs 3,110 crore from Rs 2,540 crore in the previous fiscal. The profit increase was driven by a 41 per cent rise in net interest income at Rs 6,636 crore (Rs 4,709 crore). Fee income rose 45 per cent to Rs 5,012 crore (Rs 3,447 crore). Treasury gains increased 37 per cent to Rs 1,014 crore (Rs 740 crore). Net interest margin for the year stood at 2.57 per cent down from 2.74 per cent a year ago. The Joint Managing Director, Ms Kalpana Morparia, said the bank had kept interest margins stable, despite the increase in costs. General provisions rose 116 per cent to Rs 731 crore (Rs 339 crore). The bank's consolidated profit after tax jumped 14 per cent to Rs 2,761 crore (Rs 2,420 crore). It was lower because of the accounting losses of ICICI Prudential Life Insurance Company, said a statement. ICICI Bank's total advances grew by 34 per cent to Rs 1,95,866 crore as on March 2007, from Rs 1,46,163 crore a year ago. Retail advances increased 39 per cent to 92,198 crore. Retail assets constitute 65 per cent of advances and 62 per cent of customer assets (which rose 35 per cent to Rs 2,05,374 crore). Fifty per cent of the bank's retail portfolio consists of home loans. Its deposits rose 40 per cent to Rs 2,30,510 crore (Rs 1,65,083 crore). Savings deposits grew by 38 per cent to Rs 28,839 crore. The bank's net non-performing assets at the end of the fiscal amounted to 0.98 per cent of net customer assets, the net non-performing asset ratio in the home loan portfolio being 0.71 per cent. The bank's board has recommended a dividend of 100 per cent or Rs 10 per share.
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