ICICI Bank FY10 net profit jumps 31% to Rs 4,670 cr

Private sector ICICI Bank's net profit jumped 31 per cent in 2009-10 to Rs 4,670 crore on higher fee income and lower expenditure.

The bank saw its total income for the fiscal drop over seven per cent to Rs 59,599 crore, as revenues from retail and wholesale banking and treasury operations declined.

However, revenue from Life Insurance business jumped nearly 11 per cent to Rs 18,537 crore. Income from General Insurance also saw a marginal rise.

The bank managed to reduce overall expenditure, excluding provisions and contingencies, to Rs 48,462.43 crore in FY'10 from Rs 54,673 crore a year ago.
    
ICICI Bank's net non-performing assets (bad loans) ratio decreased to 1.87 per cent in FY'10 from 1.96 per cent in FY'09 and 2.19 per cent at December 31, 2009, the bank said in a statement here.
    
A highlight was the healthy growth in its current account, savings account (CASA) deposits, which soared 34 per cent from Rs 62,668 crore to Rs 84,216 crore.
    
Total deposits stood at Rs 2,02,017-crore in FY'10 as compared to 2,18,348-crore in the year-ago period.
    
Its loan-book, however, decreased to Rs 1,81,206-crore as of March 31, 2010 from Rs 2,18,311-crore in the year-ago period, mainly due to the repayments from the retail loan portfolio and the loan portfolio of overseas branches, the statement said.
    
The bank's capital adequacy ratio as at FY 10 stood at 19.4 per cent.
    
The bank's Board has recommended a dividend of 120 per cent for FY 10 (Rs 12 per equity share).
    
In Q4 FY'10, the bank clocked a stand-alone profit after tax of Rs 1,006 crore, up 35.2 per cent from Rs 744 crore in the year-ago period.
    
The private sector lender's fee income was up 13 per cent in Q4 FY'10 at Rs 1,521-crore as against Rs 1,343 crore in the year-ago period, the statement said.
    
Operating expenses declined six per cent to Rs 1,504 crore in Q4 FY 10 from Rs 1,605 crore in the year-ago period, the statement said.