ICICI Bank today reported a 17% increase in net profit at Rs 620.01 crore in Q1FY07 as against Rs 530.01 crore in Q1FY06. Total income increased to Rs 6,316.19 crore from Rs 4,206.49 crore in Q1FY06."The profits were mainly driven by a handsome increase in both net interest income and fee-based income at Rs 1,475 crore (up 52%) and Rs 985 crore (up 50%), respectively," Kalpana Morparia, joint managing director of ICICI Bank, said.Net interest margin (NIM) stood at 2.5% as against 2.6% in the same period last fiscal. While treasury income slipped 52%, overall retail assets increased 59% to Rs 98,687 crore. Deposits of the bank increased 61% to Rs 1,83,006 crore.The bank's capital adequacy ratio stood at 12.5% and 12.8% when computed as per BASEL II norms, Morparia said.The bank has also fared well on the NPA front with its net NPAs declining from 2% to 0.8% of customer assets as on June 30, 2006.Going forward, Morparia said the bank would maintain the strong growth momentum with fee-based business and agri-business likely to contribute more to the bank's kitty.
