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Tuesday, Aug 01, 2006

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ICICI Bank: On non-interest income

ICICI Bank has been attracting heavy trading volumes of late; its price has also witnessed a sharp surge. According to analysts tracking the banking industry, the counter has been active on account of its good financial performance due to strong growth in the non-interest income and lower provisioning.

ICICI Bank clocked a 52 per cent increase in net interest income (NII) for the first quarter of the current fiscal in the wake of a change in its accounting treatment for its direct marketing agents' expenses on auto loans, marketmen point out. This was earlier deducted from NII, which is now charged separately. However, it will not influence the overall profitability, it is said. The bank's non-NII has increased by 17 per cent or so.

On Monday, ICICI Bank stock closed at Rs 554.05 on the BSE, clearly lower than its 52-week high of Rs 671.

Nilanjan Dey

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