ICICI Bank Q4 FY11 net up 17 percent at Rs 1,568 Crore

Friday, 29 April 2011, 00:54 IST   |    1 Comments
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Mumbai: Country's largest private sector lender ICICI Bank posted a 17 percent jump in its consolidated net profit at 1,568 crore for the quarter ended March 31, 2011, driven by growth in both interest and non-interest incomes. For the 12-month period ending March 31, 2011, its consolidated net profit surged 30 per cent to Rs 6,093 crore. Speaking to reporters on a conference call here today, Chief Executive and Managing Director Chanda Kochhar indicated that the bank is out of the phase of consolidation it had to resort to during the slowdown years. "We had said two years ago that the focus for FY10 would be on consolidation. In FY11, we resumed on growth and will continue with the same going ahead," she said. For the first time in two years, the bank's retail loan book grew and categories such as car loans and home loans will be the "engines of growth" for the bank in the future, along with project finance, Kochhar said. In Q4 FY11, the bank's net interest income increased by 23 per cent over the year-ago period to Rs 2,510 crore, while fee income grew by 18 per cent at Rs 1,791 crore. Another factor contributing to the bottomline in Q4 was a 61 per cent decline in provisions at Rs 384 crore. ICICI Bank achieved a loan growth of 19 per cent for 2010-11, which it expects to go up at par with the industry average at 20 per cent for FY12, Kochhar said, adding, the bank expects provisions to slide further during the fiscal. It recorded an overall deposit growth of 26 per cent during the year. The bank's net interest margin was at 2.7 per cent for the January-March quarter and Kochhar said it will maintain the same going forward and improve on the number in the international markets.
Source: PTI