ICICI net profit rises 77.5%

The country’s largest private sector lender, ICICI Bank, on Monday reported a 77.5 per cent increase in consolidated net profit to Rs 2,039 crore for the third quarter ended December 2010, courtesy robust performance by subsidiaries.

All six subsidiaries recorded profits and contributed around Rs 600 crore to the total during the quarter, as against around Rs 50 crore in the corresponding period last year, said MD & CEO Chanda Kochhar.

On a standalone basis, the bank reported its highest-ever quarterly net profit at Rs 1,437.02 crore, up 30.5 per cent from Rs 1,101 crore a year ago.

Total income rose 8.7 per cent to Rs 15,415.8 crore. However, operating profit was marginally lower at Rs 2,342.6 crore from Rs 2,368.8 crore a year ago. Fee income increased 14.3 per cent to Rs 1,625 crore during the quarter from Rs 1,422 crore in the corresponding period last year. The current and savings account ratio increased to 44.2 per cent on December 31, from 39.6 per cent on December 31, 2009.

The net non-performing assets (NPAs) declined to 1.16 per cent on December 31, from 2.19 per cent a year ago, while gross NPAs dipped to 1.39 per cent from 2.43 per cent. However, in absolute terms, gross NPAs rose to Rs 10,186.6 crore from Rs 8,925.5 crore.