ICICI Bank consolidated Q2 net down 27% to Rs 651.5cr

 ICICI Bank reported a consolidated net profit decline of 27.44% y-o-y to Rs 651.48 crore for the quarter ended September 2008. Consolidated revenues went up 12.56% to Rs 15,590.46 crore.

On a standalone basis, ICICI Bank has posted a 1.09% rise in net profit at Rs 1,014 cr for the second quarter, as compared to Rs 1,003 cr during the same period last year.

During the July-September quarter, the bank's net interest income increased 20% to Rs. 2,148 cr from Rs. 1,786 cr for the corresponding period a year ago.

The bank said it has expanded its current and savings account (CASA) base to 30% of total deposists during the second quarter, as against 25% a year ago.

During the quarter the bank's fee income increased 26% to Rs. 1,876 cr, as comapred to Rs. 1,486 cr for the same period last year.

 The bank's capital adequacy at the end of September 2008 stood at 14.01%, with Tier-1 capital adequacy being at 11.03%.

 The bank has seen a reduction in costs by 12 per cent on a year-on-year basis due to cost rationalisation measures.

Consolidated advances of the bank and its banking subsidiaries and ICICI Home Finance Company increased 16 per cent to Rs. 2,64,665 crore at September 30, 2008 from Rs. 2,27,583 crore at September 30, 2007.

The consolidated net non-performing asset (NPA) ratio of the bank and its subsidiaries was 1.6 per cent. The specific provisions for NPAs (excluding the impact of farm loan waiver) were Rs. 868 crore during the second quarter, as compared to Rs. 878 crore during April-June 2008.