ICICI Bank net dips over 9.5 per cent to Rs3,758 crore in 2008-09

25 April 2009

India's largest private sector lender, ICICI Bank's net profit for the year ended March 31, 2009 (FY2009) declined by Rs400 crore (9.6 per cent) to Rs3,758 crore from Rs4,158 crore in FY2008. The bank blames this on higher effective tax rate on account of lower proportion of income taxable as dividends and capital gains.

Its profit before tax was at Rs5,117 crore, compared to Rs5,056 crore in FY2008, while net interest income increased 15 per cent to Rs8,367 crore from Rs7,304 crore.

While the advances declined marginally year-on-year, the net interest income increased due to improvement in net interest margin from 2.2 per cent in FY2008 to 2.4 per cent in FY2009.

For the fourth quarter of FY09, its net profit declined by 35.29 per cent at Rs744 crore against Rs1,150 crore in the same period of last year.

The bank's total income plunged by 11.43 per cent at Rs9,203 crore from Rs10,391 crore.

Diluted earning per share (EPS) slipped to Rs6.68 per share versus Rs10.27 per share, year-on-year, and net interest margin (NIM) came in at 2.6 per cent.