ICICI Bank net up 22%

The lender, which bought Bank of Rajasthan in August 2010, had posted a net profit of Rs 1,145-crore in the same period last fiscal.

Corporate loans grew 30 per cent, led by infrastructure financing and working capital advances, ICICI Bank CEO Chanda Kochhar said. The total advances of the bank grew by only 5.3 per cent to Rs 1,94,201 crore as retail loans remained flat. In a sign of its loan book getting healthier, provisions for bad debts decreased 40.2 per cent to Rs 641 crore as against Rs 1,071 crore in the year-ago period.

The net non-performing assets also decreased to 1.37 pc against last year’s 2.19 pc. On a standalone basis, ICICI bank’s profit was up 18.8 per cent to Rs 1,236-crore, the bank said in a statement. The private sector lender’s net interest income grew 8.3 per cent to Rs 2,204 crore while fee income witnessed a 14.6 per cent hike to Rs 1,590 crore.

The share of the cheaper CASA (Current and Savings A/C) deposits in the total liability pie increased to 44 pct as on September 30, which helped the bank stretch its net interest margin to 2.6 p, Kochhar said, adding the bank expects to maintain it at that level. Kochhar said ICICI Bank expects to grow its deposits and advances by up to 20 pc each this fiscal and added that both corporate and retail loans will be the key engines of growth.

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