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 December 31, 2010.

Profit & loss account
  • Profit after tax increased 30.5% to Rs. 1,437 crore (US$ 321 million) for Q3-2011 from Rs. 1,101 crore (US$ 246 million) for Q3-2010.
  • Net interest income increased 12.3% to Rs. 2,312 crore (US$ 517 million) in Q3-2011 from Rs. 2,058 crore (US$ 460 million) in Q3-2010.
  • Fee income increased 14.3% to Rs. 1,625 crore (US$ 363 million) in Q3-2011 from Rs. 1,422 crore (US$ 318 million) in Q3-2010.
  • Operating expenses (including direct marketing agency expenses) increased 27.2% to Rs. 1,707 crore (US$ 382 million) in Q3-2011 from Rs. 1,342 crore (US$ 300 million) in Q3-2010, primarily due to costs relating to new branches added over the last year and full impact of cost of erstwhile Bank of Rajasthan (e-BOR) during the quarter.
  • Provisions decreased 53.6% to Rs. 465 crore (US$ 104 million) in Q3-2011 from Rs. 1,002 crore (US$ 224 million) in Q3-2010.
  • Profit after tax for 9M-2011 was Rs. 3,699 crore (US$ 827 million) compared to Rs. 3,019 crore (US$ 675 million) for 9M-2010.

Operating review

The Bank has continued with its strategy of pursuing profitable credit growth by leveraging on its improved fund mix, lower credit costs and efficiency improvement and cost rationalisation. In this direction, the Bank continues to leverage its expanded branch network to enhance its deposit franchise and create an integrated distribution network for both asset and liability products. At December 31, 2010, the Bank had 2,512 branches, the largest branch network among private sector banks in the country.

Credit growth

Advances increased by 15.3% year-on-year to Rs. 206,692 crore (US$ 46.2 billion) at December 31, 2010 from Rs. 179,269 crore (US$ 40.1 billion) at December 31, 2009.