Financial Daily from THE HINDU group of publications
Friday, Jan 25, 2002
Money & Banking
Corporate Results - Financial Institutions
ICICI Q3 net at Rs 256 cr, declares 55 pc interim
MUMBAI, Jan. 24
ICICI Ltd today reported marginal growth in its topline and an almost flat bottomline in the third quarter of fiscal 2001-02. However, the institution declared an interim dividend of Rs 5.50 per share or 55 per cent.
The financial institution's net profit for the third quarter ended December 31, 2001 stood at Rs 256 crore, marginally up from the Rs 253 crore of the corresponding quarter of the previous year. Its fund-based income during the quarter under review was Rs 2,160 crore against Rs 2,086 crore of the comparable quarter of the previous fiscal.
According to Ms Kalpana Morparia, Executive Director, ICICI, the net profit growth was marginal because of the deferred tax liability. Ms Morparia said the topline growth was quite satisfactory considering the investment environment and that the institution had to restructure assets of about Rs 5,000 crore and reduce interest rates on them.
Fees and commissions dropped to Rs 90 crore (Rs 113 crore) while net income from operations rose to Rs 492 crore (Rs 437 crore).
ICICI's interest and depreciation charges for the quarter stood at Rs 1,758 crore (Rs 1,762 crore). Operating expenses stood at Rs 87 crore (Rs 88 crore).
The FI's provisioning has also increased marginally to Rs 122 crore (Rs 118 crore) but the net NPA level was almost static at 5.3 per cent. Net NPAs outstanding were Rs 3,083 crore. Ms Morparia said net NPAs have "come down by about Rs 100 crore and gross NPA level was flat."
She said the high provisions and write-offs were due to the institution following a conservative accelerated provisioning policy introduced in the last quarter of the last fiscal.
The company has posted a jump in dividend income to Rs 26 crore (Rs 6 crore) but has also posted a capital loss of Rs 4 crore (Rs 37 crore).
Provision for tax has also jumped to Rs 55 crore (Rs 25 crore).
ICICI has convened an extraordinary general meeting of its shareholders on January 30 to consider its proposed scheme of amalgamation with ICICI Bank.
ICICI Bank shareholders are meeting tomorrow to consider the scheme.
The ICICI scrip closed the day at Rs 51.50, up Rs 1.50 from the previous close of Rs 50 on the Bombay Stock Exchange.
ICICI Bank closed today at Rs 93 compared to the previous close of Rs 92.60.
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