ICICI Bank Q1 net jumps 53% to Rs 1,667 cr

ICICI Bank, the country's largest private sector lender, posted an increase of 53% year-on-year in its consolidated net profit to Rs 1,667 crore for the quarter ended June 30, 2011.

Total Income has increased from Rs 7,493 crore for the quarter ended June 30, 2010 to Rs 9,261 crore, a 23.5% increase. Provisions nearly halved to Rs 454 crore in April-June from Rs 798 crore in the corresponding period last year.

Higher interest income and lower provisions on the back of improving asset quality aided the bank's earnings during the quarter.

The standalone net profit for the quarter ended June 30 expanded 30% to Rs 1,332 crore from Rs 1,026 crore a year earlier.

Net interest income, or the difference between interest income and interest expense, was at Rs 2,411 crore during the three-month period, up 21% from a year ago. The bank closed first quarter of current fiscal with a capital adequacy ratio of 19.57%.

The bank's stock rose 1.84% to Rs 1,036 on Bombay Stock Exchange at 1400 hours.