Money & Banking

ICICI Bank Q4 net jumps 44% on interest income

| | Updated on: Apr 28, 2011
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Lower provisioning and a healthy growth in net interest income enabled ICICI Bank to report a 44 per cent growth in the fourth quarter net profit.

The largest private sector bank in the country reported a net profit of Rs 1,452 crore against Rs 1,006 crore in the year ago period. Operating profit was 4 per cent lower at Rs 2,305 crore (Rs 2,399 crore)

For the year ended March 31, 2011, the net profit was up 28 per cent at Rs 5,151 crore (Rs 4,025 crore).

The board has proposed a dividend of Rs 14 a equity share for FY2011 (Rs 12 for FY2010).

The quarterly and full year figures are not comparable with the year ago period as the bank acquired Bank of Rajasthan in August 2010.

In the fourth quarter, provisions dropped 61 per cent to Rs 384 crore from Rs 990 crore.

Net interest income (the difference between interest earned and interest paid) grew 23 per cent to Rs 2,510 crore from Rs 2,035 crore.

Non-interest income, however, declined 13 per cent to Rs 1,641 crore (Rs 1,891 crore).

“We are through with the consolidation phase. We have resumed on the growth path. Most of the bank's specific parameters showed improvement in FY2011,” said Ms Chanda Kochhar, Managing Director and CEO. This fiscal, the bank's business growth will be in line with the growth of the banking industry, which is expected to grow upwards of 20 per cent. On Thursday, ICICI Bank shares closed up 0.92 per cent at Rs 1,117.55 on the BSE.

Published on November 12, 2017

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