ICICI bank has reported a 120.05 per cent jump in its net profit at Rs 66.15 crore in the second quarter (Q2) ended September 30, 2001, against Rs 30.06 crore earned in the corresponding quarter in the previous year. In the six months ended September 30, 2001, the bank has reported an 87.17 per cent increase in net profit at Rs 131.40 crore compared to Rs 70.20 crore logged in the corresponding half year period in the previous year.
In the reporting quarter, the bank has reported a 74.14 per cent rise in total income at Rs 559.80 crore (Rs 321.46 crore in Q2 of 2000-01) and a 76.03 per cent increase in total expenditure at Rs 462.84 crore (Rs 262.92 crore).
A break-up of the total income earned in the reporting Q2 by the bank shows that while interest earned rose by 61.72 per cent to Rs 464.69 crore (Rs 287.34 crore), other income surged by 178.75 per cent to Rs 95.11 crore (Rs 34.12 crore).
Interest earned by the bank was boosted mainly by a 95.18 per cent increase in income on investments at Rs 243.55 crore (Rs 124.78 crore). Interest/ discount on advances/ bills rose by 48.61 per cent at Rs 195.20 crore (Rs 131.35 crore).
The bank has attributed the 94.60 per cent increase in operating expenses at Rs 139.26 crore (Rs 71.56 crore) to various retail business initiatives taken as also due to the full impact of operating expenditure in respect of refurbishing and automation of branches taken over from Bank of Madura Ltd during the period under review.
Other provisions and contingencies (net) made by the bank was lower at Rs 1.25 crore (Rs 22.43 crore), while provision for taxes was up at Rs 29.56 crore (Rs 6.05 crore).
Capital adequacy ratio of ICICI bank as at September 30, 2001 was 13 per cent against 17.59 per cent as at September 30, 2000. The net non-performing assets to customer assets was 1.41 per cent as on September 30, 2001 compared with 1.44 per cent as at March 31, 2001.
Deposits grew by 80 per cent to Rs 17,515 crore as on September 30, 2001 as against Rs 9,728 crore as at September 30, 2000. Customer assets (including credit substitutes) increased by 80 per cent to Rs 11,409 crore as at September 30, 2001 from Rs 6,324 crore as at September 30, 2000.
