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ICICI Bank net crosses $1-billion mark

— PHOTO: PAUL NORONHA

REDEFINES CREDIT: K. V. Kamath (left), Managing Director and CEO, with Chanda Kochhar, Joint Managing Director and CFO, ICICI Bank, at a press conference in Mumbai on Saturday.

MUMBAI: ICICI Bank on Saturday reported a net profit of Rs. 1,150 crore ($287 million) for the fourth quarter ended March 31, 2008, up by 39 per cent compared to Rs. 825 crore ($206 million) for the same quarter in 2006-07. In 2007-08, the net profit was increased by 34 per cent to Rs. 4,158 crore ($1 billion) from Rs. 3,110 crore ($775 million) in 2006-07

The board has recommended a dividend of 110 per cent for 2007-08, that is, Rs. 11 per equity share as compared to 100 per cent in the previous financial year.

For the quarter ended March 31, 2008, the bank made a mark-to-market provisioning of $100 million for its exposure to derivative products in the international market, said Chanda Kochhar, Joint Managing Director of ICICI Bank, at a press conferece here.

With this, the mark-to-market provisioning of the bank for its exposure to international derivative markets for 2007-08 stood $170 million. However, she declined to comment on the losses made by its clients in the international derivative products, especially foreign exchange hedging. “We will not disclose the mark-to-market losses made by our corporate clients,” Ms. Kochhar said.

ICICI Bank which gave a thrust to retail credit consistently said its retail credit for the financial year under review grew only by 3 per cent as it “tightened the parameters for credit” in the later part of the financial year.

Net interest income increased by 30 per cent to Rs. 7,304 crore ($1.8 billion) in 2007-08 from Rs. 5,637 crore in 2006-07. Fee income is increased by 32 per cent to Rs. 6,627 crore from Rs. 5,012. As on March 31, 2008, the bank and its subsidiaries had consolidated total assets of Rs. 485,830 crore.

The bank had 1,308 branches and extension counters as on Arpil 23, 2008, as compared to 755 branches and extension counters at March 31, 2007.

The increase of branches and extension counters includes about 190 branches on account of the merger of Sangli Bank. ICICI Bank’s international business is focused on: building a retail deposit base which gives the bank access to low cost deposits on a sustainable basis and aggregate retail deposits of ICICI Bank UK and Canada increased by 90 per cent from Rs. 15,740 crore at March 31, 2007 to Rs. 29,861 crore at March 31, 2008; building a global syndication network which enables the bank to syndicate its foreign currency assets across a wide variety of investors and the bank was ranked number one in offshore loan syndications of Indian corporates in 2007; being the preferred advisor and financier for overseas acquisitions of Indian corporates; and achieving the status of the preferred bank for non-resident Indians in key markets of the U.K. and Canada.

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