ICICI’s second quarter net profit increases 18.8 percent

Mumbai, Oct 29 (IANS) Largest private sector lender ICICI Bank Friday reported a 18.8 percent increase in net profit for the second quarter ended Sep 30 at Rs.1,236 crore ($275 million) as against Rs.1,040 crore ($231 million) in the year-ago period.

‘During the quarter, the bank received approval of Reserve Bank of India (RBI) for merger of Bank of Rajasthan. The financial for Q2-2011 include the financials for erstwhile Bank of Rajasthan (e-BoR) for the period Aug 13, 2010 to Sep 30, 2010 (49 days),’ the company said in a regulatory filing.

The net interest income grew by 8.3 percent and stood at Rs. 2,204 crore ($ 490 million), while the fee income, augmented by 14.6 percent, was at Rs.1,590 crore ($ 354 million).

Total loans by the bank grew by only 5.3 per cent to Rs 1,94,201-crore as the retail loan segment remained flat.

‘For the last nine quarters, retail’s share had been declining and this is the first time that it has remained flat. From here on, the retail segment will grow,’ the bank’s Chief Executive Chanda Kochhar told reporters on a conference call.

The current and savings account (CASA) ratio of the bank increased to 44 percent at Sep 30 2010 from 36.9 percent in the year-ago period.

The total deposits of the bank also reported an increase of 11 percent and stood at Rs.223,094 crore ($49.6 billion) from Rs.200,913 crore ($44.7 billion) at June 30, 2010.

Standalone non-performing assets for the quarter under review declined 1.37 percent from 2.19 percent in the July-September 2009.

The consolidated net profit of the bank increased by 21.8 percent at Rs.1,395 crore ($ 310 million) as compared to Rs. 1,145 crore ($ 255 million) in the second quarter of the previous year.

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