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| MUMBAI: ICICI Bank, India's No 2 lender, on Saturday beat forecast with a 20.6 per cent rise in net profit, helped by higher trading income that New York-listed ICICI said net profit rose to Rs 8.78 billion ($182 million) in its fiscal first quarter ending in June, from 7.28 billion rupees reported a year ago. A Reuters poll of analysts had forecast net profit to rise to Rs 7.7 billion. The bank said its total income in the June quarter fell to Rs 92.23 billion from Rs 94.30 billion a year ago. |
Shares in ICICI, which has a market value of about $17.6 billion, rose 117 per cent in the June quarter, compared to an 83 per cent rise in the sector index and 49.3 per cent rise in the benchmark index.
The stock closed 1.4 per cent lower at 766.85 rupees on Friday in a Mumbai market that climbed almost 1 per cent.
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ICICI Bk Q1 net up; Rs 1500cr loans restructured: Kochhar
ICICI Bank announced its first quarter results for the financial year 2009-2010. Its standalone net profit was up 20.63% at Rs 878.22 crore versus Rs 728.01 crore on a year-on-year (YoY) basis. Its standalone net interest income (NII) was down 5% at Rs 1,985.26 crore versus Rs 2,089.75 crore on YoY basis. Its standalone other income was up 36% at Rs 2090 crore versus Rs 1538 crore.
| The CEO and MD, who took over the baton from KV Kamath earlier this year, said that retail assets for ICICI Bank had fallen, but that was a conscious strategy that was undertaken. The bank would continue to focus on home, auto and commercial loans but was lowering focus on two-wheeler and personal loans, she said. Net interest margins for ICICI Bank would improve ahead, Kochhar said.
Q: First and foremost, the net interest income (NII), the fact that it is lower shows that there is significant pressure in terms of growth? A: If you look at the net interest margin (NIM), NIM has been maintained at 2.4%. So a slight drop in the actual amount of NII is on account of the reduction in advances. Now this is not really a pressure on growth, this is clearly the strategy that we had chalked out in the beginning of the year and we had said we are going to follow. That is we are going to reduce our unsecured retail loans and we have clearly done that. We have reduced our unsecured retail loans which have turned very risky for the industry as a whole whereas our housing, our corporate sector focus continues.
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ICICI conslidated net up 68% at Rs 1,035 cr
ICICI bank reported a 68 per cent growth in net profit on a consolidated basis at Rs 1,035 crore for the quarter ending on 30 June, 2009 as against Rs.617 crore for the corresponding quarter in the previous year.
On a standalone basis, net profit grew 21 per cent Rs. 878 crore for the quarter ended June 30, 2009 from Rs. 728 crore in the year-ago quarter.
Net interest income fell 5 per cent Rs 1,985 crore as against Rs to 2,090 crore fro the quarter ended 30 June, 2008.
However non-interest income grew 36 per cent to Rs 2,090 crore from Rs 1,538 crore in the same quarter last year.
Gross non-performing assets grew 10.6 per cent to Rs 9,416.32 crore from Rs 8,511.36 in the year-ago quarter.
The Current and savings account (CASA) ratio increased to 30.4 per cent of total deposits in the fist quarter of 2009-10 from 27.6 per cent at June 30, 2008.
Market bellwether Reliance Industries' Q1 FY10 results have come in as a disappointment. Experts see the stock correcting on Monday. 