ICICI Bank Q4 net up 13% to Rs 57 crore

By Our Banking Bureau | 04 May 2002

1
Mumbai: ICICI Bank has said its net profit for the fourth quarter of the financial year ended 31 March 2002 has increased 12.8 per cent to Rs 56.88 crore from Rs 50.40 crore for the quarter ended 31 March 2001.

Even though the two figures are largely comparable, according to ICICI Bank, the profit for the quarter under review includes two days profit of about Rs 8 crore of ICICI Ltd, ICICI-PFS Ltd and ICICI Capital Services Ltd, which were merged with the bank with effect from 30 March 2002, says ICICI Bank managing director and CEO K V Kamath.

Kamath says the bottomline of ICICI Bank will be under some pressure until the cost impact of the sudden cash reserve ratio and statutory liquidity ratio requirement is mitigated. "We raised about Rs 18,000 crore in five months. But the pressure will only be to the extent of the historic portfolios. The cost will be factored in incremental lendings."

ICICI Bank executive director Kalpana Morparia says the average cost of deposits of the bank has declined to 7.3 per cent from 7.8 per cent and the net interest margin is currently 2.5 per cent. "The extra provisioning made for ICICIs assets are only for the current year. We do not expect any impairment in existing assets in the future."

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