ICICI Bank’s Q1 net profit up 17 percent

New Delhi, July 31 (IANS) India’s largest private lender ICICI Bank Saturday reported an increase of 17 percent in net profit for the first quarter of this fiscal at Rs.1,026 crore as against Rs.878 crore in 2009-10.

The bank’s total income, however, decreased by 18.75 percent to Rs.7,493.05 crore compared to Rs.9,223.32 crore in the corresponding period, according to a bank release.

Net interest income of the bank marginally grew to Rs.1,991 crore and fee income also reported a growth of 7 percent to Rs. 1,413 crore as compared to Rs.1,319 crore.

ICICI’s current account saving account (CASA) deposits registered a growth of 32 percent at Rs.84,618 crore as against Rs.63,977 crore in the corresponding period of 2009-10.

The capital adequacy ratio (CAR) increased to 20.2 percent and tier-I capital adequacy at 14 percent from a year ago.

The bank has reduced its net non-performing assets (NPAs) by 25 percent at Rs.3,514 crore from Rs.4,667 crore in the same period of 2009-10.

The consolidated net profit of the bank went up by 5 percent at Rs.1,091 crore against Rs.1,035 crore in the first quarter of 2009-10.

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