Retail boom pulls ICICI net up 35%

Fuelled by a retail boom, ICICI Bank — India’s second-largest bank — on Saturday reported a 34.98 per cent rise in its net pr...

Fuelled by a retail boom, ICICI Bank — India’s second-largest bank — on Saturday reported a 34.98 per cent rise in its net profit to Rs 614.70 crore the fourth quarter of fiscal 2004 as compared to Rs 455.40 crore recorded for the same period of last year.

For the fiscal 2005, the bank made a profit of Rs 2,005.20 crore — a rise of 22.48 per cent — as compared to Rs 1,637 crore recorded in the last fiscal.

K.V. Kamath, CEO of ICICI Bank, said the bank will remain a market driven company with retail customers remaining the main focus. ICICI’s gross NPAs or bad loans remained alarmingly high at Rs 5,140 crore even after it sold its bad assets to Arcil and other institutions.

CEO gets extension

MUMBAI

: THE board of ICICI Bank has given a three year extention to its MD and CEO K V Kamath when his current term expires on April 30, 2006. It also re-appointed N Vaghul as non-executive chairman.

Delhi Police patrolling van rams into tea stall, 1 killed

Cities22 min ago

A Delhi Police patrolling van rammed into a tea stall in Central Delhi's Mandir Marg area, leaving one person dead early Thursday. The man killed in the accident has been identified as Gangaram Tiwari, who used to run the tea stall on the pavement, and sleep inside it.

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