ICICI Bank Q4 net profit up 44.5% at Rs 1452 cr

Country's second largest lender ICICI Bank has reported fourth quarter net profit of Rs 1,452 crore, a 44.5% growth as compared to Rs 1,005 crore in quarter ended March 2010.

Net interest income for the January-March quarter was Rs 2,510 crore, which grew by 23.3% as compared to Rs 2,035 crore in same quarter the previous year. Net interest income was better-than-expectations of Rs 2,361 crore while bottomline was tad below estimates of Rs 1,476 crore. Net non-performing assets (NPAs) declined to 0.94% as against 1.87% on year-on-year basis. Net NPA was down by 37% at Rs 2,459 crore versus Rs 3,901 crore. The bank made provision of Rs 384 crore in the quarter ended March 2011, which was down by 61% as compared to Rs 990 crore in same quarter of 2010. Fee income increased 18% to Rs 1,791 crore from Rs 1,521 crore on year-on-year basis. Current and savings account (CASA) deposit ratio increased to 45.1% from 41.7% on year-on-year basis. Provision coverage ratio increased to 76% at March 31, 2011 from 59.5% at March 31, 2010 and 71.8% at December 31, 2010. Capital adequacy ratio stood at 19.54% and Tier-1 capital adequacy at 13.17%. As on March 31, 2011, the bank had 2,529 branches and 6,104 ATMs, the largest branch network among private sector banks in the country. Advances of the bank increased 19% to Rs 2,16,366 crore in the quarter ended March 31, 2011 from Rs 1,81,206 crore in same quarter the previous year. Savings deposits increased 26% year-on-year to Rs 66,869 crore from Rs 53,218 crore.