ICICI Bank Performance Review – Quarter Ended September 30, 2010
The Board of Directors of ICICI Bank Limited (NYSE:IBN) at its meeting held at Mumbai today, approved the audited accounts of the Bank for the quarter ended September 30, 2010.
During the quarter, the Bank received approval of Reserve Bank of India (RBI) for merger of Bank of Rajasthan. The merger was effective from the close of business of August 12, 2010. The financials for Q2-2011 include the financials for erstwhile Bank of Rajasthan (e-BoR) for the period August 13, 2010 to September 30, 2010 (49 days). At the merger date, e-BoR had total assets of Rs. 15,596 crore (US$ 3.5 billion), advances of Rs. 6,528 crore (US$ 1.5 billion) and deposits of Rs. 13,483 crore (US$ 3.0 billion) including CASA deposits of Rs. 4,680 crore (US$ 1.0 billion).
Profit & loss account
- Profit after tax increased 18.8% to Rs. 1,236 crore (US$ 275 million) for Q2-2011 from Rs. 1,040 crore (US$ 231 million) for Q2-2010.
- Net interest income increased 8.3% to Rs. 2,204 crore (US$ 490 million) in Q2-2011 from Rs. 2,036 crore (US$ 453 million) in Q2-2010.
- Fee income increased 14.6% to Rs. 1,590 crore (US$ 354 million) in Q2-2011 from Rs. 1,387 crore (US$ 309 million) in Q2-2010.
- Operating expenses (including direct marketing agency expenses) increased 11.3% to Rs. 1,535 crore (US$ 342 million) in Q2-2011 from Rs. 1,379 crore (US$ 307 million) in Q2-2010, primarily due to the impact of new branches opened and increase in the number of employees.
- Provisions decreased 40.2% to Rs. 641 crore (US$ 143 million) in Q2-2011 from Rs. 1,071 crore (US$ 238 million) in Q2-2010.
Balance sheetThe Bank continues to leverage its branch network to enhance its deposit franchise and create an integrated distribution network for both asset and liability products. At September 30, 2010, the Bank had 2,501 branches, the largest branch network among private sector banks in the country.
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