ICICI Bank Q1 net up 17% at Rs 1030 cr

Private sector lender ICICI Bank today reported 16.8 per cent jump in net profit at Rs 1,026 crore for the first quarter ended June 30, 2010, over the same period last year, on the back of lower provisioning.

The bank had recorded a profit of Rs 878 crore in the year-ago period.

However, the bank said that its total income fell by 18.7 per cent at Rs 7,493 crore against Rs 9,223 crore in the corresponding quarter a year ago.

Net interest income of the bank in Q1, FY10 increased marginally to Rs 1,991 crore compared to Rs 1,985 crore in the same quarter a year ago, while non-interest income reduced to Rs 1,680 crore from Rs 2,090 crore in the corresponding quarter last fiscal.

ICICI's treasury income, generated mainly from investment in government securities, declined drastically to Rs 104 crore compared to 714 crore in Q1, FY10.

The bank reduced provisions against contingencies by 40 per cent at Rs 798 crore in Q1, FY11, against Rs 1,324 crore in same quarter last fiscal, ICICI said in a statement.

The bank's CASA (Current Account and Savings Account) deposits increased by 32 per cent to Rs 84,618 crore as of June 30, 2010 from Rs 63,977 crore last year.

At the same time, net non-performing asset decreased to 1.62 per cent at June 30, 2010 from 2.19 per cent in Q1 FY10.

Total deposits of the bank came down to Rs 2,00,913 crore as of June 30, 2010, compared to Rs 202,017 crore at the end of March 2010 while the loan book of the bank increased to Rs 184,378 crore compared to Rs 181,206 crore at March 31, 2010.

The capital adequacy of the bank stood at 20.2 per cent at the end of first quarter.

Its provisioning coverage ratio increased to 64.8 per cent at June 30, 2010 from 51.1 per cent at June 30, 2009

On consolidated basis, net profit of the ICICI Group increased by 5 per cent at Rs 1,091 crore the first quarter compared to Rs 1,035 crore in the same quarter a year ago.

The bank continued to invest in expansion of its branch network to enhance its deposit franchise and create an integrated distribution network for both asset and liability products.

The bank's network increased to 2,016 branches as on June 30, 2010, the largest among private sector banks in the country, ICICI said.