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ICICI Bank third-quarter net profit at Rs 330 cr

Jan 31: ICICI Bank has notched up a net profit of Rs 330 crore for the third quarter ended December 31, 2002 as against Rs 70.02 crore in the same period last fiscal.

The total income for the reporting quarter rose to Rs 2,826.53 crore as against Rs 717.47 crore in the same period.

The results for the quarter ended December 31 include results of the erstwhile ICICI Ltd and its subsidiaries amalgamated with the bank with effect from March 30, 2002 and, hence, the financials for the quarter are not comparable.

Interest earned during the quarter was up substantially to Rs 2,258.71 crore compared with Rs 541.59 crore in the third quarter of the previous fiscal while for the nine-month period it was Rs 6,934.04 crore (Rs 1,474.59 crore).

For the nine-month period ending December, net profit stood at Rs 868.5 crore as against Rs 201.42 crore while total income rose sharply to Rs 9,683.44 crore as against Rs 1,872.76 crore.

As on December 31, 2002 the bank's non-performing assets were Rs 3012 crore constituting 4.90 per cent of customer assets.

The board of the bank has appointed P.C. Ghosh, chairman of General Insurance Corporation, and M.K. Sharma, vice-chairman of Hindustan Lever Ltd, as non-executive additional directors of the bank.

P&G net at Rs 32 cr

Procter & Gamble Hygiene and Healthcare Ltd has posted a 4.63 per cent increase in net profit at Rs 32.04 crore for the second quarter ended December 31, 2002 compared with Rs 30.62 crore in the same period of the previous year.

Total income (net of excise duty) in the reporting period stood lower at Rs 136.59 crore over Rs 143.79 crore in the year-ago period.

ONGC net up 84%

Oil and Natural Gas Corporation (ONGC) today reported an 84 per cent increase in its net profit at Rs 2,593 crore for the third quarter (October-December) of the current fiscal year over the corresponding quarter of the 2001-02 financial year. ONGC registered a rise of 35 per cent in its turnover to Rs 7,588 crore.

Over the three quarters — April to December — the company’s revenues increased by 34 per cent to Rs 23,798 crore while the net profit was up by 50 per cent to Rs 6,851 crore.

The board of directors also announced an interim dividend of 170 per cent for the third quarter, leading to total dividend payout of Rs 2424 crore of which the central government, with an equity of 84.1 per cent, would receive an interim dividend of Rs 2,039 crore.

GSK Consumer net dips

Hit by recession in fast moving consumer goods segment, GlaxoSmithKline Consumer Healthcare today reported a decline of 32.9 per cent to Rs 85.01 crore for the year ended December 31, 2002 as against Rs 126.63 crore in 2001.

The turnover for the year came down by 12.3 per cent to Rs 870.53 crore from Rs 992.14 crore. The sales for the fourth quarter of 2002 could not be compared with the year-ago figures on account of inventory build up at the trade level.

As a part of its re-engineering exercise to revamp its costs structure, the company has repaid its entire debt used to fund its plant at Sonepat in Haryana.

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