ICICI Bank Q1 net up 26 per cent

Our Banking Bureau
24 July 2004

Net interest income increased 39 per cent to Rs 631 crore (Rs 455 crore), while fee-based income rose 77 per cent to Rs 418 crore (Rs 236 crore). Retail assets grew 62 per cent at Rs 36,583 crore (Rs 22,535 crore).

"Clearly, we have seen strong growth in retail. But we also see healthy pipeline of credit growth in the industrial sector, in the areas of infrastructure, power and telecomm," said Kalpana Morparia, joint managing director.

"We see demand coming in from across all industries for capacity expansions etc. These are not greenfield projects but what we call brownfield projects."

The bank has received approval from the Reserve Bank of India to pay 75 per cent dividend for the year ended March 31, 2004

Total income for the quarter under review dropped to Rs 2,853.49 crore from (Rs 2,938.55 crore), a release said.

This is inclusive of interest earned at Rs 2,195.78 crore (Rs 2,294.74 crore) and other income at Rs 657.71 crore (Rs 643.81 crore).