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Since 1st March, 1999
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ICICI Bank Q2 net up at Rs 285 crore

Oct. 31: ICICI Bank has posted a net profit of Rs 285.3 crore for the second quarter ended September 30 compared with Rs 66.15 crore in the same quarter last year.

Total income for the three months stood at Rs 4,002.29 crore against Rs 559.8 crore in the second quarter last year.

For the six months ending September, net profit was Rs 538.2 crore (Rs 131.4 crore) and total income was Rs 6,856.91 crore (Rs 1,155.29 crore).

The results for the second quarter and the first half include results of ICICI Ltd and its subsidiaries, ICICI Personal Financial Services Ltd and ICICI Capital Services Ltd, which were merged with the bank in March.

Other income was higher at Rs 1,722.51 crore, which includes a gain of Rs 1,191 crore on sale of equity shares of the bank held by a trust which were transferred to it by the erstwhile ICICI Ltd in accordance with the merger scheme, the bank said in a statement.

The bank has made accelerated/additional provisions and write-offs of Rs 1,686 crore against loans and other assets, primarily relating to the erstwhile ICICI’s portfolio.

The bank’s net non-performing assets stood at Rs 2,879 crore, constituting 4.9 per cent of the customer assets while the standard assets, including restructured ones, stood at Rs 5,767 crore.

The bank’s capital adequacy ratio was 12.3 per cent, including Tier I capital adequacy of 8.05 per cent.

Retail approvals and disbursements in the second quarter were about Rs 6,200 crore and Rs 4,800 crore respectively, including home loan approvals and disbursements of Rs 3,770 crore and Rs 2,370 crore respectively, the statement said.

HFCL profit dips 41%

Himachal Futuristic Communications Ltd today reported a 41.5 per cent dip in net profit for the half year ended September 2002, at Rs 15.45 crore, compared with Rs 26.43 crore a year ago.

“Due to high interest charges, net profit was lower at Rs 15.45 crore from Rs 26.43 crore in the first half last year,” a company statement said.

It said debt burden would be substantially reduced with the proposed restructuring plan in the current fiscal, which shall result in a gradual reduction of interest costs and increase in net profit. The company reported a turnover of Rs 384.78 crore, against Rs 382.25 crore achieved in the first half of the last fiscal.

Profit in the second quarter of 2002-03 fell marginally to Rs 5.13 crore from Rs 5.91 crore a year ago.

“The company has a healthy order book position of more than Rs 1,200 crore and further orders are under process. The company is focussing on deployment of wireless in local loop (WLL) systems both in private and public networks,” it said.

“HFCL is making intensive efforts in research and development and in procuring new generation technology to further strengthen its core business of equipment manufacturing and providing telecom turnkey solutions,” the company added.

Moser Baer net dips

Information technology firm Moser Baer India recorded a net profit of Rs 53.15 crore in the quarter ended September 30 2002, down 1.8 per cent from Rs 54.13 crore in the same period last year.

Sales revenue increased 29 per cent at Rs 215.32 crore in the second quarter, compared with Rs 166.68 crore during the same quarter last year, company release said.

However, the half-year net profit rose 8.75 per cent at Rs 108.43 crore (Rs 99.51 crore). Sales also increased 30.92 per cent to Rs 408.51 crore from Rs 312.02 crore a year ago.

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