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ICICI Bank Profit Climbs

TSC and IRIS Staff

ICICI Bank(IBN) said first-quarter earnings rose 17% from the year-ago period, boosted by higher net interest income.

The company earned 6.20 billion rupees ($135 million), or Rs 7.11 a share, in the quarter, compared with 5.30 billion rupees ($115 million), or Rs 6.90 a share, a year ago.

Total income for the quarter rose 50.2% from a year ago to 63.16 billion rupees ($1.37 billion) and net interest income rose 52.2% from a year ago to 14.75 billion rupees ($320 million).

Non-interest income for the quarter rose 31.2% to 11.9 billion rupees.

First-quarter operating profit rose 26.9% from a year ago to 12.31 billion rupees ($267 million).

The bank's capital adequacy ratio was at 12.5%, including Tier 1 capital adequacy of 8.6%, as of June 30.

Net non-performing assets stood at 0.8% of customer assets as of June 30.

Deposits for the quarter jumped 60.8% from a year ago to 1830.06 billion rupees ($39.7 billion).

Bank's advances increased 50.3% to Rs. 1471.84 billion.