ICICI Bank Q4 net drops 35% to Rs 744 cr

ICICI Bank today announced 17.6 per cent rise in consolidated net profit at Rs 748 crore for the quarter ended 31 March 2009 when compared to Rs 636 crore in the year-ago period. However, consolidated total income fell to Rs 16,995 crore from Rs 17,819 crore in the corresponding period in the previous year.

Gross non-preforming assets increased from Rs 7,579.40 crore in the quarter ended 31 March 2008 to Rs 9,649.31 crore in he quarter ended 31 March 2009.

For fiscal year 2008-09 the bank registered a consolidated net profit of Rs 3,576 crore as against Rs 3,398 crore for the previous year. Total income over the same period also declined to Rs 64,153 crore from Rs 60,063 crore.

The bank also announced a slew of top management changes. Shikha Sharma has officially resigned form her position as managing director and CEO of ICICI Prudential. V Vaidyanathan, currently executive director at the Bank will take her place.

Sandeep Bakshi will replace Vaidyanathan as executive director at ICICI Bank. Bhargav Dasgupta will take over as mangaging director and chief executive officer of the group's general insurance arm, ICICI Lombard.