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ICICI Bank Q4 net at Rs 337.7 cr

Mumbai, April 25: ICICI Bank Ltd posted a net profit of Rs 337.68 crore for the fourth quarter of the year ended March 2003 compared with Rs 56.88 crore in the corresponding previous quarter. Profits of the country’s second largest bank for the fiscal stood at Rs 1,206 crore up from previous year’s Rs 258.30 crore.

Fourth quarter profit was boosted by write-backs of earlier provisions for doubtful debts and contingencies and deferred tax provisions. Though the bottomline growth is significantly higher than that of previous year’s, they are not comparable as figures for March 31, 2002 is on a standalone basis. The profits for the quarter came despite lower treasury gains of Rs 17 crore compared with Rs 180 crore in the previous quarter.

The bank reported Rs 1,191 crore capital gains last fiscal earned by way of divesting its 101.4 million shares. These shares were transferred to a trust managed by ICICI prior to the merger. The bank’s net NPA ratio for the year stood at 4.9 per cent (Rs 3,151 crore) while gross NPA ratio was at 8.5 per cent (Rs 5,900 crore).

The bank has made total provisions and write-offs, including accelerated provisions and write-offs of Rs 1,791 crore against loans and other assets, primarily relating to erstwhile ICICI’s portfolio.

Managing director and CEO K. V. Kamath said that retail segment would continue to be the bank’s key driver where it has gained a leadership position.

LIC sells record policies

Life Insurance Corporation has sold a record 72 lakh policies for a sum assured of Rs 62,499 crore with the first premium income of Rs 3,021 crore in March registering a growth rate of 15.78 per cent in number of policies, 41.68 per cent in sum assured and 51.51 per cent in first premium income.

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