ICICI Bank posts 31% rise in net profit

Our Bureau Updated - March 12, 2018 at 12:40 PM.

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ICICI Bank has reported a healthy 31 per cent increase in net profit at Rs 1,902 crore in the January-March 2012 period as against Rs 1,452 crore in the corresponding year ago period.

The profitability of India's largest private sector bank was boosted by a robust rise in both net interest income and non-interest income.

In the reporting quarter, net interest income (difference between interest earned and paid) was up 24 per cent to Rs 3,105 crore (Rs 2,510 crore).

Non-interest income (arising from bank charges, processing fee, commission and brokerage, fees from sale of third party products) rose 36 per cent to Rs 2,228 crore (Rs 1,641 crore).

In the full financial year, the bank's profit was up 26 per cent to Rs 6,465 crore (Rs 5,151 crore in FY2011). Profitability was buoyed by provisions that were 31 per cent lower at Rs 1,583 crore (Rs 2,287 crore).

ICICI Bank's board has declared a dividend of Rs 16.50 per equity share of face value of Rs 10 each. Last year, the bank had paid a dividend of Rs 14 per equity share.

Year-on-year deposits increased by 13 per cent to Rs 2,55,500 crore (Rs 2,25,602 crore as on March-end 2011) and loans were up by 17 per cent to Rs 2,53,728 crore (Rs 2,16,366 crore).

“In FY2013, we expect a credit growth of 20 per cent and a deposit growth of 16-18 per cent…..Demand for loans is not just a function of interest rates, it is also driven by clarity on policy and statutory approvals,” said Ms Chanda Kochhar, Managing Director & CEO, ICICI Bank.

As on March-end 2012, the net restructured loan book stood at Rs 4,256 crore. The net addition to the restructured loan portfolio was Rs 1,200 crore in the reporting quarter.

“Bulk of the loan restructuring has already been done…..Our asset quality outlook is stable. We don't expect any shocks,” said Ms Kochhar.

Shares of ICICI Bank closed 2.28 per cent up at Rs 860.75 per equity share on Friday on the BSE as against the previous close of Rs 841.55.

Published on April 27, 2012 08:06