ICICI Bank Q1 net profit at Rs 253 crore
By Our Banking Bureau | 01 Aug 2002
Mumbai: ICICI Bank Ltd has posted a net profit of Rs 252.90 crore for the first quarter ended 30 June 2002 against Rs 65.25 crore in the previous corresponding period.
The results include that of ICICI Ltd with its subsidiaries ICICI Personal Financial Services Ltd and ICICI Capital Services Ltd, which were amalgamated with the bank with effect from 30 March 2002.
The results for the first quarter ended 30 June 2002 are therefore not comparable with that of the quarter ended 30 June 2001. The total income of ICICI Bank was Rs 2,833.07 crore (Rs 595.49 crore). This includes the interest income of Rs 2,395.55 crore and the other income of Rs 437.52 crore.
The total expenditure was Rs 2,502.05 crore. Other provisions and contingencies were Rs 49.46 crore. The capital adequacy ratio was 12.36 per cent. The deposits touched Rs 33,349.22 crore and advances Rs 46,986.91 crore.
ICICI Bank had already created fair provisions against the corporate and project finance portfolio acquired from ICICI in the merger. While Reserve Bank of India guidelines require only 0.25 per cent general provisions against standard assets, ICICI Bank will now make general provisions of 2 per cent against credit card outstanding, personal loans, consumer durable loans and dealer funding, 0.50 per cent against home loans and 1 per cent against all other standard assets (excluding ICICI's corporate and project finance portfolio, which was fair valued for the merger).
ICICI Bank has applied the new general provisioning policy to the outstanding asset portfolio at 30 June 2002 and made additional general provisions of about Rs 84 crore against standard assets during Q1 2002.
Featured articles
Lighter than air, yet very, very powerful
By Kiron Kasbekar | 03 Jan 2024
In March 2013 Chinese scientists pulled off a remarkable feat. They created the world’s lightest aerogel. Tipping the scales at a mere 0.16 milligrams per cubic centimeter – that’s a sixth of the weight of air!
COP28 explained: A closer look at COP28's climate change solutions
By Aniket Gupta | 27 Dec 2023
The 28th United Nations Climate Change Conference, also known as COP28, took place from 30th November 2023, to 13th December 2023, at Expo City in Dubai, United Arab Emirates.
What is a Ponzi scheme?
By Aniket Gupta | 06 Dec 2023
Ponzi schemes have long captivated the public imagination, drawing unsuspecting investors into a web of illusion and deception.
The Rise and Rise of HDFC Bank
03 Jul 2023
HDFC, which surged ahead of global majors like HSBC Holdings Plc and Citigroup Inc and left Indian peers like State Bank of India and ICICI Bank in market capitalisation, now ranks fourth largest among the world’s most valuable banks, after JPMorgan Chase & Co, Industrial and Commercial Bank of China Ltd and Bank of America Corp
India’s Millet Revolution To Enrich Global Food Basket
02 Apr 2023
Millets, a healthier and cheaper substitute to wheat and rice, are indigenous to many parts of the world, especially in the semiarid tropics of Asia and Africa, and offers a big scope for expanding production and consumption in the foodgrain deficient African continent
Market predator Hindenburg preys on Adani stock
06 Mar 2023
Almost a month after the damning report of short-seller Hindenburg Research on the Adani Group that claimed that the seven stocks within the group were about 85 per cent overvalued, one of the group's stocks, Adani Total Gas, closed at Rs835 on the BSE, down nearly 79 per cent from its 24 January level, almost close to reaching that valuation