Financial Daily from THE HINDU group of publications
Thursday, Aug 01, 2002
Financial Daily from THE HINDU group of publications Thursday, Aug 01, 2002 |
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Money & Banking
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Private Banks Corporate Results - Private Banks ICICI Bank Q1 net at Rs 253 cr Our Bureau
MUMBAI, July 31 ICICI Bank Ltd has posted a net profit of Rs 252.90 crore for the first quarter ended June 30, 2002 against Rs 65.25 crore in the previous corresponding period. The results include that of ICICI Ltd with its subsidiaries, ICICI Personal Financial Services Ltd and ICICI Capital Services Ltd which were amalgamated with the Bank with effect from March 30, 2002. The results for the first quarter ended June 30, 2002 are therefore not comparable with that of the quarter ended June 30, 2001. Total income of ICICI Bank was Rs 2833.07 crore (Rs 595.49 crore). This includes the interest income of Rs 2,395.55 crore and the other income of Rs 437.52 crore. Total expenditure was Rs 2,502.05 crore. Other provisions and contingencies were Rs 49.46 crore. Capital adequacy ratio was 12.36 per cent. The deposits touched Rs 33,349.22 crore and advances Rs 46,986.91 crore. ICICI Bank had already created fair provisions against the corporate and project finance portfolio acquired from ICICI in the merger, said a press release. While the RBI guidelines require only of 0.25 per cent general provisions against standard assets, ICICI Bank would now make general provisions of 2 per cent against credit card outstanding, personal loans, consumer durable loans and dealer funding, 0.50 per cent against home loans and 1 per cent against all other standard assets (excluding ICICI's corporate and project finance portfolio which was fair valued for the merger). ICICI Bank has applied the new general provisioning policy to the outstanding asset portfolio at June 30, 2002 and made additional general provisions of about Rs 84 crore against standard assets during Q1-2002.
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