Money & Banking

ICICI Bank expects 20% credit growth in 2011-12

PTI Mumbai | Updated on January 26, 2011 Published on January 24, 2011

Chanda Kochhar, Managing Director & CEO of ICICI Bank - Kamal Narang   -  Businesslline

ICICI Bank on Monday said it expects 20 per cent credit growth in the next financial year, 2011-12, which would be a tad higher than the current fiscal.

“The bank expects credit growth of at least 20 per cent in the next fiscal,” ICICI Bank Managing Director Ms Chanda Kochhar said. “This fiscal’s credit growth would be 18 per cent, aided by corporate as well as retail segment, she added.

The bank’s advances increased by 15.3 per cent to Rs 2,06,692 crore (as on December 31, 2010), from Rs 1,79,269 crore at the end of 2009.

On interest rate hike by the bank during the ongoing fourth quarter, Ms Kochhar said, it will depend on the liquidity situation in the system and on credit and deposit growth.

ICICI Bank has reported a 77.5 per cent jump in its consolidated net profit at Rs 2,039 crore for the third quarter (Q3) ended December 31, 2010, driven by a rise in interest income and lower provisioning against bad loans.

The bank had a consolidated net profit of Rs 1,149 crore during the October-December quarter of the last fiscal.

On stand-alone basis, ICICI Bank’s net profit increased 30.5 per cent to Rs 1,437 crore in Q3, from Rs 1,101 crore in the same period a year ago.

Ms Kochhar said the bank’s net interest income increased 12.3 per cent to Rs 2,312 crore in Q3, from Rs 2,058 crore in the same last fiscal, while fee income increased 14.3 per cent to Rs 1,625 crore against 1,422 crore.

In a sign of its loan-book getting healthier, provisions decreased 53.6 per cent to Rs 465 crore in Q3, as compared to Rs 1,002 crore in the same period last fiscal.

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Published on January 24, 2011
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