For the quarter ended 30 September 2006, ICICI Bank has reported a net profit of Rs755.01 crore, or Rs8.39 per share, an increase of 30.16 per cent over Rs580.05 crore, or Rs7.76 per share, for the previous year quarter. Total income has gone up by 58.52 per cent to Rs7,039.56 crore from Rs4,440.88 crore for the previous year quarter.

Total interest income for the quarter was at Rs5,469.43 crore, an increase of 64.28 per cent from Rs3,329.33 crore a year ago. Interest expenses went up at a faster rate of 72.25 per cent to Rs3,892.44 crore from Rs2,259.82 crore. As a result, net interest income growth was limited to 47.45 per cent to Rs1,576.99 crore from Rs1,069.51 crore.

Fee income went up by 62 per cent during the quarter and total other income, including fee income, increased by 41.26 per cent during the quarter to Rs1,570.13 crore from Rs1,111.55 crore. Lease and other income declined by 13 per cent during the quarter.

Income from retail and commercial banking operations increased 57.94 per cent over the previous year quarter while income from investment banking business went up by 59.15 per cent.

Operating profits, before provisions, increased by 54.39 per cent to Rs1,611.88 crore from Rs1,044.06 crore. Operating profits from core banking business, excluding treasury profits, increased by 65 per cent during the quarter. Treasury income increased by 20 per cent to Rs287 crore from Rs240 crore a year ago.

Staff costs were higher by 59.02 per cent while sales expenses went up by 27.11 per cent for the quarter. Other operating expenses increased by 28.87 per cent.

Provisions, including provisions for doubtful assets and standard assets, for the quarter increased substantially to Rs709.34 crore from Rs303.79 crore for the previous year quarter. Net non-performing assets declined to 0.9 per cent of total customer assets from 1 per cent as at the end of the previous year quarter.

Total advances went up by 45.14 per cent to Rs1,55,403.49 crore from Rs107,070.97 crore as at the end of previous year quarter. Retail assets increased by 57 per cent to Rs107,679 crore. Retail finance continues to drive growth with 69 per cent of total advances. Total retail disbursements for the first half were Rs33,500 crore, including home loan disbursals of Rs13,400 crore.

Disbursements by HDFC, the No. 2 player in the home loan segment, for the first half was Rs11,280 crore.

Higher interest rates offered by the bank helped attract more depositors and total deposits went up 57.32 per cent to Rs189,499.4 crore as at the end of the quarter.

Total assets increased as at the end of the quarter 49.23 per cent to Rs282,372.5 crore. Capital adequacy ratio improves substantially to 14.34 per cent from 11.52 per cent a year ago.

The bank's subsidiaries continue to do very well with high growth rates. Prudential ICICI Asset Management currently has more than Rs30,000 crore in assets under management and is the second largest in the business. ICICI Securities has also done well and achieved a net profit of Rs35 crore for the quarter.

ICICI's insurance subsidiaries have retained their top positions among private sector insurers. The general insurance subsidiary, ICICI Lombard, has a market share of 35 per cent among private sector insurers and recorded a net profit of Rs18 crore for the quarter. ICICI Prudential, the life insurance subsidiary, remains the largest private sector life insurer in the country though it is yet to report profits. ICICI Prudential reported a loss of Rs112 crore for the quarter.