ICICI Bank reports 42% growth in profit after tax

ICICI Bank has reported a 42 per cent growth in net profit in the third quarter. Profit after tax for Q3-2007 increased 42% to Rs. 910 crore (US$ 206 million) from Rs. 640 crore (US$ 145 million) for Q3-2006.

OTHER HIGHLIGHTS

Operating profit increased 65% to Rs. 1,976 crore (US$ 446 million) for Q3-2007 from Rs. 1,194 crore (US$ 270 million) for Q3-2006.

Net interest income increased 32% to Rs. 1,709 crore (US$ 386 million) for Q3-2007 from Rs. 1,296 crore (US$ 293 million) for Q3-2006.

Fee income increased 53% to Rs. 1,345 crore (US$ 304 million) for Q3-2007 from Rs. 881 crore (US$ 199 million) for Q3-2006. Profit after tax increased 31% to Rs. 2,285 crore (US$ 516 million) for the nine-month period ended December 31, 2006 (9m-2007) from Rs. 1,750 crore (US$ 395 million) for the nine-month period ended December 31, 2005 (9m-2006).

Retail assets increased 50% to Rs. 117,914 crore (US$ 26.6 billion) at December 31, 2006 from Rs. 78,495 crore (US$ 17.7 billion) at December 31, 2005.

Deposits increased 47% to Rs. 196,893 crore (US$ 44.5 billion) at December 31, 2006 from Rs. 133,881 crore (US$ 30.3 billion) at December 31, 2005.

Retail assets constituted 68% of advances and 65% of customer assets.The Bank’s rural portfolio grew by about 43% on a year-on-year basis. The Bank is also extending its reach in the small and medium enterprises segment.


ICICI Bank has added 35 branches and 345 ATMs during the quarter, taking the number of branches and extension counters to 667 and ATMs to 2,681.

ICICI Bank now has wholly-owned subsidiaries, branches and representative offices in 16 countries, and an offshore banking unit in Mumbai. The Bank has launched remittances services to Sri Lanka and the Philippines through its UK and Canada subsidiaries. During the quarter, the Bank opened representative offices in Thailand and Malaysia.

ICICI Bank’s capital adequacy at December 31, 2006 was 13.4% (including Tier 1 capital adequacy of 8.6%), well above RBI’s requirement of total capital adequacy of 9%. At December 31, 2006, ICICI Bank’s net non-performing assets constituted 1.0% of net customer assets.

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