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ICICI Bank net up 35 p.c.

MUMBAI: ICICI Bank recorded a net profit (profit after tax) of Rs. 1,230 crore for the quarter ended December 31, 2007, an increase of 35 per cent, compared to Rs. 910 crore in the quarter ended December 31, 2006.

The operating profit, excluding treasury income, was higher by 37 per cent to Rs. 1,977 crore from Rs. 1,442 crore.

Net interest income improved by 32 per cent to Rs. 1,960 crore from Rs. 1,485 crore. Fee income rose by 33 per cent to Rs. 1,785 crore from Rs. 1,345 crore.

Current and savings account deposits were up by 33 per cent at Rs. 62,494 crore against Rs. 47,062 crore, resulting in an increase in the CASA ratio (ratio of current and savings deposits to total deposits) to 27 per cent. Total advances were up by 25 per cent at Rs. 215,517 crore against Rs. 172,763 crore.

The net profit for the nine months ended December 31, 2007, rose by 32 per cent to Rs. 3,008 crore from Rs. 2,285 crore in the corresponding period in the previous year.

During this period, the bank’s total deposits stood at Rs. 229,779 crore against Rs. 196,893 crore, up 17 per cent. The bank had 955 branches and extension counters and about 3,687 ATMs as on December 31, 2007.

The bank’s retail advances were Rs. 132,311 crore as at December 31, 2007, and constituted 61 per cent of total advances.

The Bank is present in 18 countries through wholly-owned subsidiaries, branches and representative offices.

ICICI Bank U.K. plc opened two additional branches in the U.K., in Coventry and London, taking the number of retail locations to nine. ICICI Bank Canada opened its seventh branch in Canada, in the Greater Toronto Area. The bank’s capital adequacy as at December 31, 2007, was 15.8 per cent, including Tier-1 capital adequacy of 12.1 per cent, well above the Reserve Bank’s requirement of nine per cent. However, it excluded $750 million Upper Tier-II issue made this month, pending clarifications required by RBI on the clauses for principal and interest payment.

As at December 31, 2007, the bank’s net non-performing assets constituted 1.47 per cent of net customer assets.

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