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ICICI Bank quarterly net profit up 44 percent

Mumbai, 30 April, 2011

The country's second largest lender ICICI Bank reported a 44 percent increase in net profit for the quarter ended March 31 at Rs.1,452 crore ($ 326 million).

Net interest income increased 23 percent to Rs.2,510 crore ($563 million) in the fourth quarter of 2010-11, compared to Rs.2,035 crore in the previous corresponding quarter, the bank said in a regulatory statement.

Profit after tax for the fiscal ended March 31 increased 28 percent to Rs. 5,151 crore ($1.2 billion) from Rs.4,025 crore ($903 million) logged in the previous fiscal.

Advances for the fiscal rose 19 percent to Rs.216,366 crore, while savings deposits increased by 26 percent to Rs.66,869 crore.

The current and savings account ratio also moved up to 45.1 percent for the fiscal ended March 31.

Net non-performing assets decreased 37 percent to Rs.2,459 crore for the financial year 2010-11.

Among its main subsidiaries, ICICI Prudential Life Insurance's profit after tax rose to Rs.808 crore in 2010-11, compared to Rs.258 crore in the previous fiscal.

The bank's board has recommended a dividend of Rs.14 per equity share.

The ICICI Bank scrip was trading flat at Rs.1,109.50 in afternoon trade at the Bombay Stock Exchange.       
 

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