Helped by a strong growth in income from interest and fees and rationalisation of expenses, ICICI Bank today said its second quarter operating profit grew by 42 per cent amidst the churn in the banking sector globally.The company's core operating profit rose to Rs 2,437 crore in Q2-2009, from Rs 1,712 crore in year-ago period.However, after taking into account the earnings of all its domestic and overseas subsidiaries, the consolidated net profit of the bank dropped 27.4 per cent to Rs 651.48 crore in the July-September quarter.The bank said that its operating expenses dropped by 12 per cent due to its cost-rationalisation measures and its capital adequacy ratio currently stands at 14.01 per cent.On standalone basis, the country's top private sector lender said profit after tax rose to Rs 1,014 crore, up by 1.1 per cent on a year-on-year basis.The bank's unconsolidated total income rose to Rs 9,712.13 crore in the quarter under review from Rs 9,588.41 crore in the same period last year.Consolidated revenue grew to Rs 15,590.46 crore from Rs 13,850.57 crore in the quarter under review.The bank said that its current and savings account deposits rose 16 per cent to Rs 66,914 crore at the end of September quarter, up from Rs 57,827 crore a year ago. The bank's net interest income rose by 20 per cent to Rs 2,148 crore and fee income by 26 per cent to Rs 1,876 crore.However, its total deposits fell marginally on a year-on-basis due to reduction in term deposits, the bank said.The bank and its subsidiaries have entirely exited their non-India linked credit derivatives portfolio at no incremental loss over and above the provisions already made.
