ICICI Bank Q1 net up 34%
By Our Banking Bureau | 26 Jul 2003
"Our profits are driven by our strong growth in net interest income. This has been due to an 18-per cent growth in retail assets and lowering cost of funds for the bank," says ICICI Bank executive director Kalpana Morparia.
The net interest income for the first quarter was up 24 per cent to Rs 416 crore (Rs 336 crore) and other income increased 40 per cent to Rs 643.81 crore (Rs 459.07 crore). The net interest margin increased to 1.7 per cent (1.2 per cent).
The interest earned by the bank decreased to Rs 2,256.06 crore from Rs 2,395.55 crore. The total income rose by a mere 1.5 per cent to Rs 2,899.87 crore (Rs 2,854.62 crore) and the total expenditure decreased by 2.7 per cent to Rs 2,434.11 crore (Rs 2,502.05 crore).
During the quarter, retail assets grew 18 per cent by Rs 3,403 crore to Rs 22,535 crore to constitute 35 per cent of customer assets. The net non-performing asset (NPA) to net advances ratio was 4.9 per cent while the gross NPA to gross advances ratio stood at 8 per cent.
