ICICI Bank's consolidated net profit dropped 27.4 per cent to Rs 651.48 crore (Rs 6.52 billion) in the July-September quarter, although total income grew by nearly 13 per cent to Rs 15,590.46 crore (Rs 155.9 billion).
The consolidated figures include results for the bank as well as its subsidiaries, including ICICI Bank UK, and insurance, brokerage and mutual fund businesses.
On standalone basis, the country's top private sector lender said profit after tax rose to Rs 1,014 crore, up by a modest 1.1 per cent on a year-on-year basis.
The bank's unconsolidated total income rose to Rs 9,712.13 crore (Rs 97.12 billion) in the quarter under review from Rs 9,588.41 crore (Rs 95.88 billion) in the same period last year.
The company's core operating profit rose to Rs 2,437 crore (Rs 24.37 billion) in Q2-2009, from Rs 1,712 crore (Rs 17.12 billion) in year-ago period.
The bank said that its operating expenses dropped by 12 per cent due to its cost-rationalisation measures and its capital adequacy ratio currently stands at 14.01 per cent.
The bank said that its current and savings account deposits rose 16 per cent to Rs 66,914 crore at the end of September quarter, up from Rs 57,827 crore (Rs 578.27 billion) a year ago.
However, its total deposits fell marginally on a year- on-basis due to reduction in term deposits, the bank said.
The bank and its subsidiaries have entirely exited their non-India linked credit derivatives portfolio at no
incremental loss over and above the provisions already made.
ICICI Bank UK's profit before mark-to-market impact and provision on investments was USD 43 million for H1-2009.
After the provisioning charge related to its investment portfolio, including the MTM impact of credit spread widening during the period, ICICI Bank UK reported a net loss of $35 million.
Rupee at all-time record low....
Image: K V Kamath addresses a press conference. | Photograph: Indranil Mukherjee/AFP/Getty Images
Also read: ICICI: The bank that Kamath built
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