MUMBAI, JANUARY 28: Term lending institution ICCI Ltd has recorded a modest 18.3 per cent growth in its net profit to Rs 252 crore during the third quarter of 1999-2000 from Rs 213 crore in the same period of previous year. However, taking into account the extraordinary income of Rs 19 crore, its net profit for the third quarter works out to Rs 271 crore, up by 27 per cent during the period.The financial institution's capital adequacy ratio (CAR) was 17.7 at December 1999 with tier-I CAR at 11.8 per cent. The consolidated unaudited results of the ICICI group under US GAAP put the total capital adequacy at 15 per cent as on December 31, 1999 with tier-I at 10 per cent.During April-December 1999, ICICI's approvals aggregated Rs 32,671 crore, up 19 per cent from Rs 27,490 crore for the corresponding period of previous year, while disbursements aggregated Rs 17,017 crore compared to Rs 13,804 crore, a rise of 23 per cent.ICICI said corporate finance assistances accounted for 38 per cent of approvals and 45 per cent of disbursements, while retail finance approvals and disbursals were 1.4 per cent and two per cent of aggregate approvals and disbursals respectively. During April-December, ICICI mobilised medium and long-trm rupee resources of Rs 12,284 crore, including Rs 1,620 crore through five public issues of bonds from about 4.30 lakh retail investors.``We hope to see a decline in NPAs. I would say they have peaked," said K V Kamath, chief executive officer and managing director of the firm. Kamath said the decline in non performing assets was partly attributable to a recovery in industrial commodity prices. "Moreover, a proactive and fast approach towards cases under stress and a specific focus in settlement driven by our special asset management group will see a turnaround in NPAs," he said.He added the firm was on target to meet profit targets for the year, but declined to give numbers. ICICI became the first Indian company to list at the New York Stock Exchange when it issued American Depository Shares in October 1999.
