ICICI Bank Q2 net rises 30 per cent

Rex Mathew
27 October 2006

For the quarter ended 30 September 2006, ICICI Bank has reported a net profit of Rs755.01 crore, or Rs8.39 per share, an increase of 30.16 per cent over Rs580.05 crore, or Rs7.76 per share, for the previous year quarter. Total income has gone up by 58.52 per cent to Rs7,039.56 crore from Rs4,440.88 crore for the previous year quarter.

Total interest income for the quarter was at Rs5,469.43 crore, an increase of 64.28 per cent from Rs3,329.33 crore a year ago. Interest expenses went up at a faster rate of 72.25 per cent to Rs3,892.44 crore from Rs2,259.82 crore. As a result, net interest income growth was limited to 47.45 per cent to Rs1,576.99 crore from Rs1,069.51 crore.

Fee income went up by 62 per cent during the quarter and total other income, including fee income, increased by 41.26 per cent during the quarter to Rs1,570.13 crore from Rs1,111.55 crore. Lease and other income declined by 13 per cent during the quarter.

Income from retail and commercial banking operations increased 57.94 per cent over the previous year quarter while income from investment banking business went up by 59.15 per cent.

Operating profits, before provisions, increased by 54.39 per cent to Rs1,611.88 crore from Rs1,044.06 crore. Operating profits from core banking business, excluding treasury profits, increased by 65 per cent during the quarter. Treasury income increased by 20 per cent to Rs287 crore from Rs240 crore a year ago.

Staff costs were higher by 59.02 per cent while sales expenses went up by 27.11 per cent for the quarter. Other operating expenses increased by 28.87 per cent.