BUSINESS

ICICI Bank Q3 net up 3.41 %

MUMBAI: ICICI Bank has reported a modest rise of 3.41 per cent in its net profit at Rs. 1,272.15 crore in the third quarter ended December 31, 2008, against Rs. 1,230.21 crore in the year-ago period. Total income rose marginally to Rs. 10,350.62 crore from Rs. 10,338.86 crore.

On a consolidated basis, the net profit was up by 39 per cent at Rs. 1,559.76 against Rs. 1,119.82 crore. Interestingly, both outstanding advances and deposits declined. At the end of December 31, 2008, outstanding advances stood at Rs. 212,521 crore against Rs. 215,516 crore.

Deposit base at the end of Q3 stood at Rs. 209,065 crore, compared with Rs. 229,779 crore at the end of December 2007.

During the current year, the bank has pursued a strategy of lightening the balance-sheet and prioritising capital conservation and liquidity management, a bank statement said.

The bank has announced the appointment of N. S. Kannan as Executive Director and CFO on the board with effect from May 1 in place of Chanda Kochhar, who is set to become the Managing Director and CEO of the bank.

Mr. Kannan is at present Executive Director of ICICI Prudential Life Insurance Company. Besides, Madhabi Puri-Buch, at present Executive Director of the bank, would move to ICICI Securities as its Managing Director and CEO, effective February 1. — PTI

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