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Thursday, January 31, 2013

ICICI Bank profit soars 30% on rise in interest income

The country’s largest private sector lender ICICI Bank today reported a 30 per cent jump in net profit for the October to December quarter at Rs 2,250 crore.

The profit was backed by strong advances and higher interest income.

The bank had posted a net profit of Rs 1,728 crore in the same quarter last fiscal.

ICICI Bank shares were trading down 1.30 per cent at Rs 1,198.50 on the BSE at 1.20 p.m.

Net interest income (difference between interest earned and expended) rose 29 per cent to Rs 3,499 crore (from Rs 2,712 crore in Q3FY12). Non-interest income increased 17 per cent to Rs 2,215 crore (from Rs 1,892 crore).

Net interest margins improved by 37 basis points to 3.07 per cent from 2.70 per cent in Q3FY12.

As on December 31, 2012, total advances grew by 16 per cent year-on-year to Rs 2.86 lakh crore.

During the quarter, provisions increased by 8 per cent to Rs 369 crore compared to Rs 341 crore in the third quarter last year. While, sequentially it declined from Rs 508 crore in the June to September quarter.

Net non-performing asset ratio stood at 0.64 per cent as compared with 0.70 per cent in the corresponding quarter a year ago. Net restructured loans at December 31, 2012, were almost flat at Rs 4,169 crore.

Capital adequacy ratio as on December end, 2012 stood at 19.53 per cent. Current account savings account (CASA) ratio was at 37.4 per cent.

Consolidated results

Net profit on a consolidated basis increased by 22 per cent year-on-year to Rs 2,645 crore for the quarter from Rs 2,174 crore in the same quarter last year.

Source: thehindubusinessline


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