ICICI Bank net profit up 30%

Feb 01 2013, 01:00 IST
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SummaryRiding on an improvement in its net interest margin by 37 basis points to 3.07 per cent, growth in advances and a strong growth in profits from its treasury operations

Riding on an improvement in its net interest margin by 37 basis points to 3.07 per cent, growth in advances and a strong growth in profits from its treasury operations, ICICI Bank announced a 30 per cent year-on-year growth in its standalone net profit at Rs 2,250 crore as against Rs 1,728 crore in the same period last year.

The consolidated net profit for the bank rose by 22 per cent to Rs 2,645 crore over the same period last year. The bank’s share price however fell on Thursday by 1.9 per cent to close at Rs 1,190.85.

The net interest income for the quarter rose by 29 per cent to Rs 3,499 crore as against Rs 2,712 crore in the quarter ended December 2011. The bank also saw its net interest margin cross 3 per cent at 3.07 per cent up from 2.7 per cent last year.

The bank did not yet witness loan demand coming for new projects it saw its advances grow by 16 per cent year on year to Rs 286,766 crore at December-end 2012. While retail advances grew by 17 per cent and stood at Rs 96,528 crore as on December 2012, the bank saw demand for working capital loans and disbursement for existing projects. “While the credit growth for the industry as around 15 per cent, our domestic advances are growing at around 20 per cent and it will remain around those levels,” said Chanda Kochhar, MD and CEO, ICICI Bank.

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