ICICI reports flat growth

For the nine-month period, ICICI has posted 0.25 per cent increse in its net profit to Rs 794 crore (excluding extraordinary gains) from Rs 792 crore for the corresponding period of the previous fiscal. After adding extraordinary gains, net profit stood at Rs 794 crore (Rs 811 crore).

During the nine-month period, ICICI’s approvals registered a 36 per cent growth to Rs 44,751 crore (Rs 32,866 crore) while disbursments increased by 37 per cent to Rs 23,501 crore (Rs 17,176 crore). The gross NPA stood at Rs 6,460 crore (7 per cent).

Net income from operations rose by 18.71 per cent to Rs 1,440 crore (Rs 1,213 crore) while operating expenses rose by 40.49 per cent to Rs 288 crore (Rs 205 crore).

During the nine-month period ended December 2000, the profit before net capital gains/(loss) and other income was Rs 820 crore compared to Rs 684 crore in the nine-month period ended December 31, 1999, resulting in a growth of 20 per cent. The profit after tax for the nine-month period ended December 2000 was impacted by the adverse impact of Rs 183 crore on account of lower capital gains against a net capital gain of Rs 180 crore in the nine month period (resulting in a loss of Rs three crore in the nine-month period ended December 2000) and a higher provisioning requirement of about Rs 44 crore.

ICICI’s total assets grew by 9.4 per cent to Rs 70,648 crore for December 2000 from Rs 64,557 crore. Net loans and debentures subscribed to stood at Rs 54,325 crore as on December 2000 an increase of 20 per cent compared to December 1999. Sharholder’s equity stood at Rs 8,812 crore, up by 10 per cnet compared to December 1999.