ICICI Bank's Q1 net profit rises 17 pct to Rs 2,655 crore, beats estimates

Jul 31 2014, 16:41 IST
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Net profit for ICICI Bank fiscal first quarter ended June rose to 26.55 billion rupees ($440 million). (Reuters) Net profit for ICICI Bank fiscal first quarter ended June rose to 26.55 billion rupees ($440 million). (Reuters)
SummaryICICI Bank Ltd, India's second-biggest lender by assets, reported a 17 percent rise profit...

ICICI Bank Ltd, India's second-biggest lender by assets, reported a 17 percent rise in quarterly profit to Rs 2,655 crore, beating estimates, helped by loan growth and higher fee income - on consolidated basis, bank's net profit inches up three per cent to Rs 2,832 crore.

ICICI Bank Report - I

ICICI Bank Report - II

HIGHLIGHTS

* 17% year-on-year increase in standalone profit after tax to `2,655 crore (US$ 441 million) for the quarter ended June 30, 2014 (Q1-2015) from ` 2,274 crore (US$ 378 million) for the quarter ended June 30, 2013 (Q1-2014).

* Operating profit increased by 18% to ` 4,517 crore (US$ 751 million) for Q1-2015 from ` 3,814 crore (US$ 634 million) for Q1-2014.

* 26% year-on-year increase in retail advances at June 30, 2014.

* Year-on-year growth of 15% in current and savings account (CASA) deposits; CASA ratio at 43.0% at June 30, 2014.

* Net interest margin improved to 3.40% in Q1-2015 compared to 3.27% in Q1-2014.

* Total capital adequacy of 17.39% and Tier-1 capital adequacy of 12.62% at June 30, 2014, including profits for Q1-2015.

* Consolidated profit after tax was ` 2,832 crore (US$ 471 million) for Q1-2015

ICICI Bank's consolidated Q1 Net rises 3% to Rs 2,832 crore

(PTI) The country's largest private sector lender, ICICI Bank, today reported three per cent rise in its consolidated net profit at Rs 2,832 crore.

On a standalone basis, the bank posted 17 per cent rise in net profit at Rs 2,655 crore.

The Chanda Kochhar-led bank had reported a post tax net profit of Rs 2,274 crore in the corresponding period, it said in a statement.

During the reported quarter, the bank's total income increased to Rs 14,616 crore from Rs 12,904 crore in the year ago period.

Its operating profit was up 18 per cent to Rs 4,517 crore as against Rs 3,814 crore in the April-June period of last year.

The bank's total provisions were up 22.42 per cent to Rs 726 crore as against Rs 593 crore in the same period year ago.

The bank's shares were trading 0.31 per cent down at Rs 1,485 apiece during afternoon trade on the BSE.

ďNII grew 17.6% YoY (ahead of expectations) on back of 5bps QoQ margin improvement to 3.40% in Q1FY15. Other income was also

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