This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

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 sheet

The 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.

1 of 6

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,034.93 +208.63 1.17%
S&P 500 2,100.40 +19.22 0.92%
NASDAQ 4,994.6020 +62.7870 1.27%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs