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ICICI Bank Announces Performance Review – Quarter Ended September 30, 2011

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 six months ended September 30, 2011.

Profit & loss account

  • Consolidated profit after tax of the Bank increased by 47% to Rs 3,658 crore (US$ 747 million) for the six months ended September 30, 2011 (H1-2012) from Rs 2,486 crore (US$ 508 million) for the six months ended September 30, 2010 (H1-2011).
  • Standalone profit after tax increased 25% to Rs 2,835 crore (US$ 579 million) for H1-2012 from Rs 2,262 crore (US$ 462 million) for H1-2011.
  • Standalone profit after tax increased 22% to Rs 1,503 crore (US$ 307 million) for Q2-2012 from Rs 1,236 crore (US$ 252 million) for Q2-2011.
  • Net interest income increased 14% to Rs 2,506 crore (US$ 512 million) in Q2-2012 from Rs 2,204 crore (US$ 450 million) in Q2-2011.
  • Fee income increased 7% to Rs 1,700 crore (US$ 347 million) in Q2-2012 from Rs 1,590 crore (US$ 325 million) in Q2-2011.
  • Provisions decreased 50% to Rs 319 crore (US$ 65 million) in Q2-2012 from Rs 641 crore (US$ 131 million) in Q2-2011.

Operating review

The Bank has continued with its strategy of pursuing profitable growth. In this direction, the Bank continues to leverage its strong corporate franchise, its international presence and its expanded branch network in India. At September 30, 2011, the Bank had 2,535 branches and 6,913 ATMs, the largest branch network among private sector banks in the country.

Credit growth

Advances increased by 20% year-on-year to Rs 233,952 crore (US$ 47.8 billion) at September 30, 2011 from Rs 194,201 crore (US$ 39.6 billion) at September 30, 2010.

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