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ICICI Bank first quarter net up 25 p.c.

Special Correspondent

Focuses on fee-based products and services

K. V. Kamath, MD and CEO, ICICI Bank

MUMBAI: ICICI Bank reported a net profit of Rs. 775 crore in the first quarter of the current fiscal ended June 30, 2007, an increase of 25 per cent as compared to Rs. 620 crore in the corresponding period in the last financial year.

The operating profit increased by 58 per cent to Rs. 1,524 crore from Rs. 965 crore. Fee income was up 35 per cent at Rs. 1,428 crore against Rs. 1,055 crore. Net interest income increased by 16 per cent to Rs. 1,714 crore from Rs. 1,475 crore. Profit before tax was higher by 30 per cent at Rs. 972 crore against Rs. 749 crore.

Total advances increased by 35 per cent to Rs. 198,277 crore as at June 30, 2007 from Rs. 147,184 crore as at June 30, 2006. Deposits increased Rs. 230,788 crore from Rs. 183,006 crore.

Retail advances increased by 29 per cent to Rs. 127,416 crore from Rs. 98,684 crore after sell-down of about Rs. 3,850 crore of retail loans during the first quarter of the current fiscal.

“The bank is focusing on fee-based products and services, as well as utilising opportunities presented by the domestic and international expansion of Indian companies,” ICICI Bank stated in a release. The bank’s rural portfolio increased by 24 per cent to about Rs. 14,136 crore during the quarter under review from Rs. 11,368 crore in the year-ago period. “The bank is also extending its reach in the small and medium enterprises segment,” it added.

The bank added 198 ATMs during the period under reference, taking the total to 3,469. The bank had 950 branches (including 48 extension counters) as at June 30, 2007. The bank has wholly-owned subsidiaries, branches and representative offices in 17 countries, and an offshore banking unit in Mumbai. The bank’s capital adequacy as at June 30, 2007 was 11 per cent, including Tier-1 capital adequacy of 7.1 per cent.

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