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ICICI Bank net jumps 41% to Rs 401 crore

New Delhi, Oct. 31: ICICI Bank has clocked a 41 per cent growth in net profit at Rs 401.4 crore for the quarter ended September 30 compared with Rs 285.3 crore in the year-ago period. The growth has been powered by a surge in retail lending and treasury income.

Retail assets increased 110 per cent to Rs 25,205 crore in the second quarter from Rs 12,021 crore during the same period last year.

Total income decreased 31.22 per cent from Rs 4002.29 crore in the second quarter of 2002-03 to Rs 3050.71 crore in the corresponding period of 2003-04. However, the figures for the corresponding period are not strictly comparable.

The bank said other income for 2002-03 included a gain of Rs 1191 crore realised in the second quarter on sale of equity shares of the bank held by a trust.

The group has posted a net profit of Rs 361.18 crore for the quarter ended September 30 compared with Rs 273.13 crore in the year-ago period, registering an increase of 32.23 per cent.

While leveraging and enhancing its origination capabilities, the bank continued to focus on securitisation of its customer assets. This has enabled the bank to optimise resource and capital utilisation and to diversify the composition of its asset portfolio. Retail assets constituted 39 per cent of customer assets.

R. Seshasayee, managing director of Ashok Leyland Limited and a non-executive director on the board of ICICI Bank and chairman of the audit committee, expressed his desire to step down from the bank board due to his increasing professional commitments at Ashok Leyland and its group companies.

Net restructured loans of the bank declined 25 per cent to Rs 7,856 crore on September 30 from Rs 10,491 crore on June 30. The bank has repaid about Rs 4,250 crore of erstwhile ICICI's liabilities as they fall due in accordance with their terms of repayment.

Corp Bank net up

Corporation Bank has posted a 22.09 per cent rise in net profit at Rs 144.93 crore in the quarter ended September 30 against Rs 118.7 crore in the year-ago period. Total income increased to Rs 732.87 crore in the reporting quarter from Rs 645.62 crore in the previous year period.

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