NEWS & ADVICE : SAVINGS ACCOUNTS
ICICI Bank profit rises 30% due to rise in interest income
By Neelima Shankar
Feb 1, 2013
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India's largest private sector lender, ICICI Bank posted rise of 30 per cent in its net profit at Rs 2,250 crore for the third quarter of the current financial year which ended on 31st December, 2012.

The soar in net profit was backed by higher interest income and strong advances.

The bank had posted a net profit of Rs 1,728 crore in the corresponding quarter of last fiscal.

Net interest income (NII) grew 29 per cent to Rs 3,499 crore against Rs 2,712 crore in the same quarter last year. Non-interest income increased 17 per cent to Rs 2,215 crore against Rs 1,892 crore in Q3FY12.

Net interest margins (NIM) grew by 37 basis points to 3.07 per cent against 2.70 per cent in Q3FY12. Total advances grew by 16 per cent year-on-year to Rs 2.86 lakh crore.

During the quarter, provisions improved by 8 per cent to Rs 369 crore against Rs 341 crore in the third quarter last year. Net non-performing asset ratio stood at 0.64 per cent as compared to 0.70 per cent in the corresponding quarter of previous year. Net restructured loans at December 31, 2012, were flat at Rs 4,169 crore.

Capital adequacy ratio (CAR) stood at 19.53 per cent in Q3. Current account savings account (CASA) ratio was at 37.4 per cent during the third quarter.


 


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