The net profit of the country’s second largest commercial bank, ICICI Bank for Q2-2008 increased 33% to Rs 1,003 crore from Rs 755 crore in Q2-2008. The board of the bank at its meeting held at Mumbai on Friday approved the audited accounts of the bank for the quarter ended September 30,2007.
The bank’s capital adequacy was 16.8% (including Tier-I capital adequacy of 13%). The net interest income of the bank increased 34% to Rs 1,786 crore during the period from Rs 1,334 crore during the same period a year ago. Total advances increased 33% to Rs 207,121 crore as against the mark of Rs 155,403 crore a year ago. Current and savings account deposits increased 38% to Rs 57,827 crore during the period as against the mark of Rs 41,997 crore during the same period last year.
However the bank’s net non-performing assets have gone up from 1.2 % to 1.4% of customer assets during the reporting period.
The advances of the bank’s international branches increased 146% to Rs 36,994 crore during the period as against the mark of Rs 15,025 crore achieved by the bank a year ago reflecting the combination of the bank’s strong corporate franchise and its international presence. This has led to an increase in the proportion of advances of the bank’s international branches in total advances to 17.9% during the period as against the mark of 9.7% a year ago.
The bank’s retail advances were Rs 1,31,014 crore as on September 30 this year and constituted 63% of total advances.
During the reporting period the bank’s international operations accounted for about 22% of its consolidated banking assets. The bank’s remittance business volumes were about Rs 8,600 crore during Q2-2008.