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Modest rise in ICICI Bank’s net

MUMBAI: ICICI Bank has reported a marginal rise of 1.1 per cent in its net profit at Rs. 1,014 crore in the three months ended September 30, 2008.

The bank’s total income rose to Rs. 9,712.13 crore in the quarter under review from Rs. 9,588.41 crore in the same period last year. The company’s core operating profit rose to Rs. 2,437 crore in Q2-2009, from Rs. 1,712 crore in year-ago period.

The bank said that operating expenses dropped by 12 per cent due to its cost-rationalisation measures and its capital adequacy ratio currently stands at 14.01 per cent.

The bank said that its current and savings account deposits rose 16 per cent to Rs. 66,914 crore at the end of September quarter, up from Rs. 57,827 crore a year ago.

However, its total deposits fell marginally on a year-on-basis due to reduction in term deposits, the bank said.

The bank’s net non-performing advances rose to Rs 4,232.9 crore in the quarter under review from Rs 2,970.9 crore in the year-ago period. The bank said that specific provisions for NPAs, excluding the impact of farm loan waiver, were Rs 868 crore in the second quarter compared to Rs 878 crore in the previous quarter.

ICICI Bank’s consolidated net profit dropped 27.4 per cent to Rs. 651.48 crore in the July-September quarter, although total income grew by nearly 13 per cent to Rs. 15,590.46 crore. The consolidated figures include results for the bank as well as its subsidiaries, including ICICI Bank U.K., and insurance, brokerage and mutual fund businesses. — PTI

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