ICICI Bank Q2 net up 76 pc

ICICI Bank Q2 net up 76 pc

The country’s leading private sector lender ascribed the growth in the net profit primarily to increase in profit of its other subsidiaries and sharp reduction in losses of ICICI Prudential Life Insurance Company.

Total income dips

During the period under review, the bank’s consolidated total income  fell 6.38 per cent to Rs 14,595.85 crore as compared with the prior year period of Rs 15,590.46 crore.

On standalone basis, the bank announced a marginal rise of 2.56 per cent in net profit for the quarter ended September 2009 Rs 1040.13 crore from Rs 1014.21crore in the same quarter last year.

The bank’s interest earned declined 15.04 per cent to Rs 665.69 crore. Net interest margin increased from 2.4 per cent in Q1-FY10 to 2.5 per cent in Q2-2010, while Net interest income (NII) increased sequentially to Rs 2,036 crore in September quarter. 

Fee income increased sequentially to Rs 1,387 crore in Q2 from Rs 1,319 crore in Q1. Fee income is in line with the reduced investment and mergers & acquisition activity , reflecting the change in market conditions in the second half of fiscal 2009, it said. 

Deposits dip

The total deposits of the bank were Rs 1,97,832 crore at September 30, 2009, compared to Rs 2,10,236 crore at June 30, 2009. During the quarter, its savings account deposits increased by Rs 4,859 crore  and current account deposits increased by Rs 4,094 crore resulting in an improvement in the CASA ratio to 36.9 per cent as on September 30, 2009 from 30.0 per cent on the same date last year.