ICICI Bank Q2 net rises 10 per cent

Our Banking Bureau
23 October 2004

During the period, the bank earned a treasury profit of Rs123 crore, as against Rs461 crore last year.

"Last year with benign interest rates we were able to realise better gains on our treasury income. In fact, at that time the treasury income was higher than even our profit after tax, which was at Rs453 crore," said Kalpana Morparia, deputy managing director, ICICI Bank. She added, "This year the treasury income has been lower on account of market conditions. Credit off-take has been exceedingly good and we are witnessing a lot of demand for funds from corporates."

In the second quarter of the current fiscal, total income of the bank was lower at Rs3,065.92 crore (Rs3,072.88 crore).

This is inclusive of interest earned at Rs2,230.52 crore (Rs2,210.67 crore) and other income at Rs835.40 crore (Rs862.21 crore).

Total expenditure was at Rs2,314.15 crore (Rs2,379.69 crore). This is inclusive of interest expended at Rs1,545.31 crore (Rs1,738.32 crore) and operating expenses at Rs 768.84 crore (Rs641.37 crore).

For the half year ended September 30, 2004, total advances rose by 25 per cent to Rs67,901 crore (Rs54,127 crore). Home loan disbursements during this period were at Rs8,221 crore. Retail assets contributed 52 per cent of customer assets as on September 30, said a press release.