ICICI Bank’s profit increases 17.5 pc

ICICI Bank reported a 17.5 per cent rise in its net profit at Rs 517.68 crore for the third quarter on Monday, up from Rs 440 crore recorded...

ICICI Bank reported a 17.5 per cent rise in its net profit at Rs 517.68 crore for the third quarter on Monday, up from Rs 440 crore recorded a year earlier for the same quarter.

The bank’s net non-performing assets constituted 2.3 per cent of customer assets as against 4.7 per cent as on December 31. The bank did not give the figures of its total NPAs. Its net restructured assets were Rs 6,792 crore as against Rs 7,410 crore recorded in the same quarter of last year.

“The strong performance is a reflection of robust pick-up in the manufacturing sector,” said Kalpana Morparia, Deputy Managing Director of ICICI Bank.

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“The top 300 corporates that we rigorously scan in the power, oil and gas, steel and textile sectors have lined up investment plans,” she said. She expected credit growth for the banking sector to top 40 per cent for the current fiscal.

The bank’s total revenue rose to Rs 3,269 crore from Rs 3,032 crore a year earlier, while net interest income jumped 43 per cent to Rs 733 crore.

The bank’s total assets base stood at Rs 1,46,214.18 crore as on December 31, 2004 as against Rs 1,16,857.21 crore, Morparia said.

The advances rose to Rs 76,092.46 crore (Rs 57,812.11 crore as on December 31, 2003) while the deposits rose to Rs 81,928.28 crore as end of 2004 (Rs 60,871.84 crore), it added.

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