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-
standalone net profit
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
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
(including directmarketing agency expenses) increased
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.