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ICICI Bank 2005 Q1 profit zooms
BY OUR BUSINESS CORRESPONDENT
30 July, 2005: ICICI Bank has recorded a profit after tax of Rs 530 crore (US$ 122 million) in the first quarter of 2005. This is a 23% jump from the Rs 431 crore (US$ 99 million) it posted in the same period the previous year.
ICICI Bank’s net interest income increased 35% to Rs. 851 crore (US$ 196 million) for Q1-2006, up from Rs. 631 crore (US$ 145 million) for Q1-2005.
The bank said its fee income increased 57% to Rs. 658 crore (US$ 151 million) for Q1, 2006, from Rs. 418 crore (US$ 96 million) for Q1-2005.
ICICI Bank’s retail assets increased 70% to Rs. 62,063 crore (US$ 14.3 billion) at June 30, 2005 from Rs. 36,583 crore (US$ 8.4 billion) at June 30, 2004.
ICICI Bank has the largest retail asset portfolio among Indian banks and finance companies.
Its deposits increased 70% to Rs. 113,778 crore (US$ 26.1 billion) at June 30, 2005, from Rs. 66,780 crore (US$ 15.3 billion) at June 30, 2004.
The Board of Directors of ICICI Bank at its meeting held at Mumbai approved the audited Indian GAAP accounts of the Bank for the quarter ended June 30, 2005 (Q1-2006).
The Bank's net customer assets increased 40% to Rs. 103,487 crore (US$ 23.8 billion) at June 30, 2005 compared to Rs. 73,701 crore (US$ 16.9 billion) the previous year.
The Bank maintained its growth momentum and market leadership in the retail segment. In the first quarter of 2005, ICICI Bank's total retail disbursements were about Rs. 11,700 crore (US$ 2.7 billion) including home loan disbursements of about Rs. 4,600 crore (US$ 1.1 billion).
Retail assets constituted 63% of advances and 60% of customer assets, the Bank said.
ICICI Bank is focusing on loan origination in the retail and agriculture segments and on non-fund based products and services, as well as capitalising on opportunities presented by the domestic and international expansion of Indian firms.
The Bank is also planning to spread its reach in the small and medium enterprises segment.
The Bank's deposits increased 70% to Rs. 113,778 crore (US$ 26.1 billion) at June 30, 2005, from Rs. 66,780 crore (US$ 15.3 billion) at June 30, 2004. The Indian banking industry’s year-on-year deposit growth is just 15% as on July 8, 2005.
During the first quarter of 2006, ICICI Bank repaid about Rs. 1,600 crore (US$ 368 million) of erstwhile ICICI's liabilities as they fell due in accordance with their terms of repayment.
ICICI Bank also acquired the entire paid-up capital of Investitsionno-Kreditny Bank (IKB), a Russian bank with its registered office in Balabanovo in the Kaluga region and a branch in Moscow.
As on March 31, 2005, IKB had total assets of about US$ 4 million. The Bank's subsidiaries have two branches in the United Kingdom and four branches in Canada. In addition to providing credit and trade finance solutions to Indian companies, the Bank is expanding its international retail franchise through technology-based banking services.
The Bank plans to adopt a holistic approach to the financial services needs of various segments of the rural population, by delivering a comprehensive product suite encompassing credit, transaction banking, deposit, investment and insurance, through a range of channels.
The Bank's rural delivery channels include branches, internet kiosks, franchisees and micro-finance institution (MFI) partners. The Bank has established about 5,000 points of contact through its various channels and channel partners.
ICICI Bank has 573 branches and extension counters as on June 30, 2005, compared to 469 branches and extension counters at June 30, 2004.
BY OUR BUSINESS CORRESPONDENT
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