ICICI Bank on Saturday reported a net profit of Rs. 1,026 crore for the quarter ended June 30, 2010, against Rs. 878 crore in the year-ago period, an increase of 17 per cent.
Fee income increased by 7 per cent to Rs. 1,413 crore from Rs. 1,319 crore Operating expenses (including direct marketing agency expenses) declined by 2 per cent to Rs. 1,461 crore from Rs. 1,494 crore. Provisions dropped by 40 per cent to Rs. 798 crore from Rs. 1,324 crore.
“The bank continued to invest in expansion of its branch network to enhance its deposit franchise and create an integrated distribution network for both asset and liability products. The branch network has increased to 2,016 as at June 30, 2010, the largest branch network among private sector banks in the country,” the bank said.
CASA (current account savings account) deposits increased by 32 per cent to Rs. 84,618 crore from Rs. 63,977 crore .
Total deposits were Rs. 200,913 crore as at June 30, 2010, against Rs. 202,017 crore on March 31, 2010. The loan book of the bank increased to Rs. 184,378 crore from Rs. 181,206 crore in the period under review.
Total assets of the bank as at June 30, 2010, were Rs. 363,997 crore. The bank's capital adequacy as at June 30, 2010, as per Reserve Bank of India's guidelines on Basel-II norms was 20.2 per cent and Tier-1 capital adequacy was 14 per cent, above RBI's requirement of total capital adequacy of 9 per cent and Tier-1 capital adequacy of 6 per cent. Net non-performing assets declined by 25 per cent to Rs. 3,514 crore in the quarter under review from Rs. 4,667 crore. Net non-performing asset ratio declined to 1.62 per cent from 2.19 per cent. The bank's provisioning coverage ratio computed in accordance with the RBI guidelines was 64.8 per cent as compared to 51.1 per cent.
ICICI Bank U.K.'s net profit increased to $9 million in the first quarter of 2011 from $4.9 million in the year-ago period. Its capital position continued to be strong with a capital adequacy ratio of 18.4 per cent as at June 30, 2010. The proportion of retail term deposits in total deposits increased to 69 per cent as at June 30, 2010 from 63 per cent in the corresponding period in the previous year.
ICICI Bank Canada's net profit declined to Canadian $6.5 million in the first quarter of 2011 from Canadian $8.9 million in the year-ago period.
The bank reported a consolidated (including its insurance and asset management businesses) net profit of Rs. 1,091 crore (U.S. $ 235 million) in the first quarter of 2010-11 against Rs. 1,035 crore (U.S. $ 223 million) in the corresponding period in the previous year.
ICICI Bank, on Saturday hiked deposit rates across various maturities by up to 75 basis points with immediate effect, signalling a possible hike in lending rates as well.
“We have increased our deposit rates effective from Saturday across various maturities. The increase is more or less by 0.25 percentage points. In some tenors, the hike is by 0.5-0.75 percentage points,” ICICI Bank Managing Director and CEO Chanda Kochhar told reporters here.