The Hindu : Business : ICICI Bank net profit up 22 p.c. at Rs. 2,005 cr.

Online edition of India's National Newspaper
Sunday, May 01, 2005

Business

Business

ICICI Bank net profit up 22 p.c. at Rs. 2,005 cr.

Special Correspondent

Recommends 75 p.c. dividend and a special dividend of 10 p.c.

BETS ON RETAILING: The Chief Executive Officer and Managing Director of ICICI Bank, K. V. Kamath, at a press conference held in Mumbai on Saturday. — Photo: Paul Noronha

MUMBAI: ICICI Bank has registered a 22 per cent rise in its net profit at Rs 2,005.20 crores for the year ended March 31, 2005 as compared to Rs. 1,637.10 crores for 2003-04. The board recommended a dividend of 75 per cent and a special dividend of 10 per cent to mark the completion of 50 years in finance by the ICICI Group for 2004-05. The total income for the year under review rose to Rs. 12,826.04 crores (Rs. 12,067.31 crores) in the previous year. The net profit and total income for the quarter ended March 31, 2005 stood at Rs. 614.70 crores (Rs. 455.4 crores) in the corresponding period of previous year.

The bank's total advances increased 46 per cent to Rs. 91,405 crores (Rs. 62,648 crores). "The bank maintained its growth momentum in the retail segment. The bank strengthened its leadership in home loans with disbursements of Rs.18,873 crores during the year. It strengthened its leadership in the credit card business and had a credit card base of about 3.3 million cards as on March 31, 2005," said K.V. Kamath, Managing Director & CEO while addressing a press conference here on Saturday.

Retail assets constituted 61 per cent of advances and 58 per cent of customer assets. The bank's net customer assets as on March 31, 2005 were Rs. 96,917 crores. "While retail loans have been a major driver of banking sector credit growth, there are indications of a pickup in industrial credit as well. The bank is focusing on credit origination in both the corporate and retail segments and on growth in non-fund based products", Mr. Kamath added.

The board of directors of ICICI Bank reappointed N. Vaghul as non-executive Chairman of the board on the expiry of his current term on May 3. The Board has also approved Kamath's reappointment when his current term expires on April 30, 2006 for a further period of three years.

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