MUMBAI: ICICI Bank post a Rs 1,005.57 crore (35% rise) in net profit for the fourth quarter ending March 31,2010 against Rs 743.76 crore in the corresponding quarter of the previous fiscal.
For the first time since the global financial crisis, the bank has handed out bonuses and double digit salary hikes which bank officials refused to elaborate on. The bank’s board has proposed a higher dividend of Rs 12 per share as against Rs 11 per share last year.
ICICI Bank MD and CEO Chanda Kochhar said: “Advances have seen a growth of 12% in the quarter. The growth has been mainly on domestic book and more on corporate side of the balance sheet. We have seen a loan growth in housing car, commercial vehicle loans, project loans and trade finance books.”
She added, “We clearly plan to start growing the loan book and have already started the growth in the fourth quarter. Domestic loans and advances will grow while on international loans we will see how the scenario pans out.” Unsecured loans- personal loans and credit cards- is now at 4.9% of the loan book.
“Retail loans are now at 43% as against 49% last year. Corporate loans were at 18% as against 12% while international loans remained steady at 25%. The rest are SME and agriculture loans,” she said adding that retail will be around the same percentage for this financial year.
The net interest margin of the bank remained steady at 2.6%. The other income of the bank saw a rise of 13% to Rs 189.84 crore. The fee income rose by 13% to Rs 1521 crore. The other income also included some stake sales.
Bank officials however did not divulge numbers adding that they were not strategic in nature. The current and savings accounts ratio increased to 41.7% “We started the year at 28.7% We will now look at a minimum level of around 40%.,” said Kochhar.
The bank is also seeing its incremental bad loans coming down. The provision coverage ratio of the bank at the end of the year was at 59.4% as against 50% at the end of the year. The bank chief said that the RBI has allowed the bank to increase its coverage ratio to 70% by the end of this fiscal.
Most of the bank’s subsidiaries have shown a rise in profit.
0 comments:
Post a Comment