Indias largest private sector bank,ICICI Bank announced a 21 per cent increase in its standalone net profit for the quarter ended March 2013 at Rs 2,304 crore up from Rs 1,902 crore in the same quarter last year.
This comes on the back of 22 per cent rise in its net interest income at Rs 3,803 crore over the previous quarter. But this was not without a net increase in restructured assets during the quarter and a rise in its net non-performing assets (NPAs).
For the full year ended March 2013,the banks standalone net profit rose by 29 per cent at Rs 8,325 crore from Rs 6,465 crore in the year ended March 2012. The bank has witnessed decent growth in its retail disbursements as mortgage and auto loan disbursements rose by 66 per cent and 22 per cent,respectively.
The banks restructured loans during the quarter rose by Rs 753 crore from Rs 4,562 crore in the quarter ended December 2012 to Rs 5,315 crore in March. Its net NPAs also rose marginally from 0.62 per cent in March 2012 to 0.64 in March 2013.While the markets were expecting a better result taking cue from the results of HDFC Bank and Axis Bank,a relatively weak performance and slippages on NPA and rise in restructured loans led to the shares witnessing a fall after the result announcement.
The share price of the bank fell by Rs 1,144.30 with a fall of 2.8 per cent.