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ICICI Bank Continues Strong Growth Momentum in Q3

ICICI Bank Continues Strong Growth Momentum in Q3

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ICICI Bank continues strong growth momentum in Q3
Change is working!
ICICI Bank continues strong growth momentum in Q3
Change is working!

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Published by: businessviewsreviews on Jan 24, 2011
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01/29/2011

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ICICI Bank continues strong growth momentum in Q3: Change is working!For refreshing business insights: log on to www.businessviewsreviews.blogspot.com
 
ICICI Bank continues strong growth momentum in Q3Change is working!
ICICI Bank has reported strong jump in its consolidated net profitduring the third quarter of financial year 2010-11. The largestprivate sector bank in the country notched up
consolidated PATgrowth of 77.5% Y-o-Y to Rs. 2,039 crore
(US$ 456 million) inQ3FY11 from Rs. 1,149 crore (US$ 257 million) in thecorresponding quarter of the previous financial year i.e., Q3FY10.
 
ICICI Bank continues strong growth momentum in Q3: Change is working!For refreshing business insights: log on to www.businessviewsreviews.blogspot.com
 
ICICI Bank is India's second-largest bank, after the state-ownedSBI, with total assets of Rs. 3,634.00 billion (US$ 81 billion) atMarch 31, 2010. The Mumbai-
headquartered bank’s
standalone net profit
was up
30.50%
at Rs 1,437 crore versus Rs 1,101.1 crore, during the saidperiod.
 The bank’s standalone net interest income grew 12.34% y 
-o-y to Rs.2,312 crore in Q3FY11 from Rs. 2,058 crore in Q3FY10.In another positive, its
Current and Savings Account (CASA) ratioincreased to 44.2% at December 31, 2010 from 39.6% atDecember 31, 2009.Advances
too grew by
15.3% Y-o-Y
to Rs. 206,692 crore (US$ 46.2billion) at December 31, 2010 from Rs. 179,269 crore (US$ 40.1billion) at December 31, 2009.
However, the bank’s
Operating expenses
(including directmarketing agency expenses) increased
27.2%
to Rs. 1,707 crore(US$ 382 million) in Q3FY11 from Rs. 1,342 crore (US$ 300 million)in Q3FY10, primarily due to costs relating to new branches addedover the last year and full impact of cost of erstwhile Bank of Rajasthan, during the quarter.
 
ICICI Bank continues strong growth momentum in Q3: Change is working!For refreshing business insights: log on to www.businessviewsreviews.blogspot.com
 
Provisions decreased 53.6% to Rs. 465 crore (US$ 104 million) inQ3-2011 from Rs. 1,002 crore (US$ 224 million) in Q3-2010.
 The bank’s
Net Non-Performing Asset
(NPA) ratio also
declined
to1.16% at December 31, 2010 from 2.19% at December 31, 2009.
In absolute terms, the bank’s
Net NPA
 
decreased
by
34.9%
to Rs.2,873 crore (US$ 643 million) at December 31, 2010 from Rs. 4,416crore (US$ 988 million) at December 31, 2009.Its
Provision coverage ratio
increased to
71.8%
at December 31,2010 from 69.0% at September 30, 2010 (51.2% at December 31,2009).
 The bank’s
CAR
(capital adequacy ratio) stood at a
solid 19.98%,
  with Tier-1 capital adequacy of 13.72%, as per Basel II norms. Thisis well above RB
I’s requirement of total capital adequacy of 9.0%
and Tier-1 capital adequacy of 6.0%.
Performance in the 9-Month period of FY 2010-11
 The bank’s
standalone Profit after tax for the 9-month period of FY2010-11 grew by 22.5% to Rs. 3,699 crore (US$ 827 million)compared to Rs. 3,019 crore (US$ 675 million) during the sameperiod of the previous fiscal year;

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