ICICI Bank reported a 17 per cent rise in its net profit for the first quarter of 2014-15 at Rs.2,655 crore. The bank’s total income for the period was up 13.26 per cent at Rs.14,616.7 crore.
Addressing a conference call, Chanda Kochhar, CEO & MD, said “the performance was sustained by good growth in business and strong operating parameters.”
During the quarter, the bank’s operating profit rose 18 per cent to Rs.4,517 crore.
Net interest income grew 18 per cent to Rs.4,492 crore while non-interest income was up 15 per cent at Rs.2,850 crore and cost to income ratio declined to 38.4 per cent (39.4 per cent). Provisions were higher at Rs.726 crore (Rs.593 crore).
Total advances grew 15 per cent to Rs.3.47-lakh crore with domestic advances up 17 per cent. Retail disbursements grew at 26 per cent.
Savings account deposits grew 16 per cent to Rs.1.03-lakh crore while current account deposits were up 13 per cent at Rs.41,678 crore. Total deposits rose 15 per cent to Rs.3.36-lakh crore.
The bank’s capital adequacy at the end of the quarter as per RBI guidelines on Basel-III norms was 17 per cent and Tier-I capital adequacy was 12.23 per cent, well above the regulatory requirements.
In terms of asset quality, net non-performing assets were Rs.3,474 crore (Rs.2,472 crore) and the net non-performing asset ratio was 0.87 per cent (0.69 per cent) and provision coverage ratio was 68.4 per cent.
The bank’s insurance subsidiaries ICICI Prudential Life Insurance Company and ICICI Lombard General Insurance Company reported a net profit at Rs.382 crore (up 5.5 per cent) and Rs.72 crore (degrowth from the year-ago’s Rs.203 crore) respectively.
ICIC Prudential has assets under management at Rs.86,110 crore.
ICICI Lombard attributed the drop to lower realised investment income during the quarter. Its gross premium income was slightly lower at Rs.1,847 crore (Rs.1,859 crore).
On the BSE, ICICI Bank stock on Thursday reacted by 1.11 per cent to close at Rs.1,473.
