ICICI Bank Q1 net profit at Rs 253 crore

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.