ICICI Bank standalone net jumps 30 per cent

Special Correspondent
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Continues to leverage its strong corporate franchise

ICICI Bank, on Thursday, reported a net profit of Rs.2,250 crore on a standalone basis for the third quarter ended December 31, 2012, which was up by 30 per cent as compared to Rs.1,728 crore for the quarter ended December 31, 2011.

For the nine months ended December 31, 2012, the net profit increased by 32 per cent to Rs.6,021 crore from Rs.4,563 crore for the nine months ended December 31, 2011.

Net interest income increased by 29 per cent to Rs.3,499 crore in third quarter from Rs.2,712 crore in the corresponding period of previous year. Net interest margin improved to 3.07 per cent from 2.70 per cent. Non-interest income increased by 17 per cent to Rs.2,215 crore from Rs.1,892 crore.

“The bank has continued with its strategy of pursuing profitable growth. It has grown its retail disbursements, resulting in an improvement in retail loan portfolio growth. The bank continued to leverage its strong corporate franchise, its international presence and its branch network in India,” ICICI Bank has said in a release.

Advances increased by 16 per cent year-on-year to Rs.286,766 crore as at December 31, 2012, from Rs.246,157 crore as at December 31, 2011. The year-on-year growth in retail advances was 17 per cent compared to 14 per cent.

The bank maintained its current and savings account (CASA) ratio at 40.9 per cent as at December 31, 2012, against 40.7 per cent as at September 30, 2012. It also maintained its average CASA ratio at 37.4 per cent during the third quarter of current fiscal against 37.5 per cent.

Capital adequacy as at December 31, 2012, as per Reserve Bank of India’s guidelines on Basel-II norms was 19.53 per cent and Tier-1 capital adequacy was 13.25 per cent.

Consolidated net profit increased by 22 per cent to Rs.2,645 crore for third quarter of the current fiscal from Rs.2,174 crore in the year-ago period.



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