ICICI Bank Q4 net rises over 31 per cent to Rs1,902 crore

ICICI Bank, the country's second-largest lender, has reported fiscal fourth quarter (January-March 2012) net profit of Rs1,902 crore ($362 million), a 31.1 per cent increase from the Rs1,450 crore net profit reported in the similar quarter of the previous financial year.

ICICI Bank said the exceptional performance has been due to strong growth in lending and higher income from non-core activities. Net interest income of the bank increased nearly 24 per cent to Rs3,105 crore during the quarter.

Income from other activities, which include gains from treasury operations and fees on non-banking services, rose nearly 36 per cent to Rs2,230 crore.

For the full financial year ended 31 March 2012, ICICI Bank posted a 25.5 per cent increase in net profit at Rs6,465 crore, against Rs5,151 crore during the year ended 31 March 2011.

The board of directors has recommended a dividend of Rs16.50 per equity share of face value of Rs10 each, subject to the approval of shareholders.

ICICI Bank, which is also listed on the New York Stock Exchange, expects its asset quality to remain stable in the current financial year (April-March 2012-13), chief executive Chanda Kochhar said.