Term-lending institution ICICI recorded a 13.3 per cent rise in net profit to Rs 326 crore for the first quarter ended June 30, 2001, on the back of a sharp rise in other income and capital gains.
The net profit in the corresponding period of the previous year was at Rs 287 crore.
Fund-based income of the institution rose by 10.3 per cent to Rs 2,207 crore during the reporting period compared with Rs 2,001 crore in the first quarter of the previous year.
Other income rose by 68.8 per cent to Rs 166 crore (Rs 98 crore in Q1 of 2000-01).
ICICI's scrip ended up 2.16 per cent at Rs 61.25 on the Bombay Stock Exchange yesterday.
ICICI's executive director Kalpana Morparia, said, "In the last three years we have expanded our lending relationship in order to get a share of this financial wallet. In the other income segment, we are concentrating on loan appraisal fees, structuring fees, financial guarantees etc."
"Focus on the newly created group - the government & institutions group -- has also led to credit growth, increase in our fee-based income, and helped establish banking relationships with their employees," she said.
The gross capital gains showed a sharp rise to Rs 43 crore as against Rs 6 crore in Q1 of the previous year.
ICICI divested 7.8 per cent in ICICI Eco-Net Fund in favour of Compaq Corporation for a consideration of $4 million which resulted in capital gains of Rs 11 crore. The net gains through its secondary market operations were Rs 4 crore.
The net NPAs stood at 5.1 per cent (Rs 3,007 crore) on June 30, 2001 down from 5.2 per cent as on end of March 31, 2001.
During the first quarter ICICI restructured assets amounting to Rs 1,439 crore and made provisions of Rs 32 crore against these restructured assets.
Disbursals of the FI increased to Rs 8741 crore (Rs 8,240 crore). Its total assets increased by 14 per cent to Rs 74,751 crore. The GIG group accounted for 13 per cent of the disbursals.
The retail finance disbursals accounted for another 13 per cent of the disbursals in the period compared to 7 per cent in the previous year.
The retail finance disbursals was at Rs 1,139 crore for the period compared with Rs 571 crore the previous year.
...additional ADS for bank likely
ICICI will pare its stake in ICICI Bank in the current fiscal by offloading around 7 per cent stake either to a strategic investor or by offering additional American depositary shares, said ICICI executive director Kalpana Morparia.
ICICI's stake in the bank is at 46.99 per cent and ICICI has to cut its stake down to 40 per cent.
