ICICI Bank, India's second largest bank, reported a hike in its stand-alone net profit for the second-quarter, despite lower net interest income, mainly due to decrease in advances owing to the moderation in system credit growth, and decline in advances of overseas branches.
Stand-alone Results
The Mumbai-based bank posted second-quarter stand-alone net profit of Rs.1,040.13 crore or Rs.9.34 pr share, 3% higher than Rs.1,014.21 crore or Rs.9.11 per share reported for the same period last year. However, on a sequential basis, the net profit for the quarter grew 18%.
Net interest income during the quarter fell 5% to Rs.2,036.07 crore from Rs.2,147.62 crore in the corresponding quarter last year, while non-interest income declined 3% to Rs.1,823.79 crore from Rs.1,877.33 crore in the prior year quarter.
Total income for the quarter dropped 13% to Rs.8,480.79 crore from Rs.9,712.31 crore in the year-ago quarter.
Operating profit for the quarter amounted to Rs.2,435.33, up 7% from Rs.2,284.91 in the year-ago quarter.
Six-Month Results
For the first six months, the bank's stand-alone net profit rose 10% at Rs.1,918.35 crore, compared with Rs.1,742.22 crore for the comparable period in 2008.
For the six-month period, net interest income fell 5% to Rs.4,021.33 crore from Rs.4,237.37 crore in the corresponding period last year. Non-interest income during the period was Rs.3,913.67 crore, up 15% from Rs.3,415.51 crore for the six months period ended September 30, 2008.
Total income during the six-month period was Rs.17,704.05 crore, down 8% from Rs.19,142.29 crore for the six-month ended September 30, 2008.
Consolidated Results
The bank's second-quarter consolidated net profit was Rs.1,144.57 crore or Rs.10.23 per share, up 76% from Rs.651.48 crore or Rs.5.84 per share for the same period last year, driven mainly by the sharp reduction in losses of ICICI Prudential Life Insurance Co and increased in profit of other subsidiaries. Total income decreased 6% to Rs.14,595.85 crore from Rs.15,590.46 crore in the corresponding quarter last year.
For the six-month period, the bank posted net profit of Rs.2,179.83 crore, up 72% from Rs.1,268.75 crore for the comparable period in 2008. Total income for the period fell 3% to Rs.29,210.91 crore from Rs.30,234.76 crore for the first six months last year.
As the end of September 2009, the total deposits of the bank were Rs.197,832 crore, down 11% from Rs.223,402 crore as on September 30, 2008, while advances decreased 14% to Rs.190,860 crore from Rs.221,985 crore as at the of September 2008.
As at the end of September 2009, the net non-performing assets as a proportion of net advances were 2.36%, up from 1.91% as on September 30, 2008.
The capital adequacy ratio of the bank declined to 17.69% from 14.01% as on September 30, 2008.
At the BSE, ICICI Bank closed Friday's trading at Rs.789.60, up by Rs.18.35 or 2.38% on volume of 25.79 lakh shares. The scrip touched an intraday high of Rs.809.00 and a low of Rs.765.10.
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