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ICICI Q4 net up 31% on dividends,non-core income

The bank has also forecast a higher growth rate for domestic loans and stable asset quality for the coming year.

Written by ENS Economic Bureau | Mumbai | Published: April 28, 2012 1:05:22 am

Beating market estimates,ICICI Bank,the country’s largest private sector lender,on Friday reported a 31 per cent jump in net profit at Rs 1,902 crore for Q4 of 2011-12 against a profit of Rs 1,452 crore in the January-March quarter of 2010-11,driven largely by a rise in both interest and non-interest income and higher dividends from subsidiaries.

The bank has also forecast a higher growth rate for domestic loans and stable asset quality for the coming year.

During Q4,its total income increased to Rs 11,403 crore from Rs 8,797 crore in the same quarter of the previous fiscal. The lender’s net interest margin improved to 3.01 per cent in Q4 FY’12,from 2.74 per cent during the same period last fiscal.

Non-core income,which includes gains from treasury and fees apart from higher dividends from subsidiaries,rose nearly 36 per cent to Rs 2,230 crore,while core net interest income grew at 24 per cent to Rs 3,105 crore during the quarter,the bank said. “We continue to leverage our strong corporate franchise,international presence and the fast expanding domestic branches,” ICICI Bank MD & CEO Chanda Kochhar said.

ICICI Bank expects its domestic loans to grow 20 per cent this fiscal from 17 per cent last year,driven by demand for working capital,home and car loans,she said. Provisions,including for bad loans,rose more than a fifth to Rs 470 crore from Rs 380 crore a year earlier,while net non-performing loans dropped to 0.73 per cent of total assets from 1.11 per cent,the bank said.

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