ICICI Bank Ltd has reported a net profit of Rs 652.50 million for the quarter ended June 30, 2001 as against Rs 401.40 million for the corresponding period last fiscal. Total Income for the quarter ended June 30, 2001 is at Rs 5954.90 million as against Rs 3147.90 million for the quarter ended June 30, 2000 Pursuant to the amalgamation of Bank of Madura Ltd with the Bank effective March 10, 2001, the financial statements for Q1-FY2002 reflect the operations of the merged entity and therefore the current quarter results are not comparable with earlier period. The highlights of ICICI Bank's performance during the first quarter are:
  • 95% increase in Profit before Tax (PBT) as per Indian GAAP
  • Return on average net worth increased to 19.40% from 12.98% in FY2001
  • Cost to income ratio declined to 49.92% from 53.53% for FY2001
  • Net Non-Performing Assets as percentage of customer assets reduced to 1.31% at June 30, 2001 from 1.44% at March 31, 2001.
  • Bank's total Capital Adequacy Ratio was 12.53% at June 30, 2001 of which Tier I capital constituted 11.19%.
    • During the first quarter, the bank added more than 4,50,000 new customer accounts, including 1,43,000 savings bank accounts, and now has about 37,00,000 accounts. This includes about 18,00,000 savings accounts and 92,000 NRI accounts. The bank has 6,40,000 Internet banking customer accounts. As on June 30, 2001 the bank had a network of 357 branches and 37 extension counters. Its network of 546 ATMs is the largest in the country accounting for nearly 18% of all ATMs in the country. The Bank has posted a net profit of Rs 562 million for the quarter ended June 30, 2001 as compared to Rs 446 million for the corresponding period under US GAAP.
    Bureau Report