ICICI Bank net up 53% to Rs 161 crore

Our Corporate Bureau

Mumbai, April 26 : ICICI Bank has recorded a 53 per cent increase in its net profit to Rs 161.10 crore for the year ended March 2001 from Rs 105.30 crore in the last fiscal. The strong profit growth was driven by an increase of 118 per cent in net interest income to Rs 404 crore and a near doubling of core fee-income to Rs 171 crore in end-March 2001.

The bank’s board of directors has proposed a dividend of Rs 2 per share (Rs 1.50 per share). The board will hold its annual general meeting in Vadodra on June 11.

The bank’s interest income increased by 46 per cent to Rs 1,242.13 crore (Rs 852.87 crore). Interest expense increased by 26 per cent to Rs 837.67 crore (Rs 666.95). As a result, the net interest income registered a strong growth of 118 per cent during the year, with net interest margin increasing to 3.55 per cent (2.46 per cent). Assets managed by the bank grew by 63 per cent to Rs 19,737 crore.

The increase in margins was primarily due to the decline in cost of deposits, as ICICI Bank was successful in raising significant amounts of stable and low-cost retail deposits during the year, ICICI Bank said in a statement. Deposits increased by 66 per cent to Rs 16,378 crore, while cost of deposits reduced to 7.77 per cent from 8.72 per cent.