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Life Insurance - ICICI BANK net profit up 44.5 Percent at Rs. 1452 cr.
04-May-2011

Today ICICI BANK has reported fourth quarter net profit of Rs. 1,452 crore, a 44.5% growth as compared to Rs. 1,005 crore in quarters ended March 2010.

Advances of the bank increased 19% to Rs. 2,16,366 crore in the quarter ended March 31, 2011 from Rs. 1,81,206 crore in same quarter the previous year.

Savings deposits increased 26% year-on-year to Rs. 66,869 crore from Rs. 53,218 crore.

Net interest income for the January-March quarter was Rs. 2,510 crore, which grew by 23.3% as compared to Rs. 2,035 crore in same quarter the previous year.

Net non-performing assets (NPAs) declined to 0.94% as against 1.87% on year-on-year basis. Net NPA was down by 37% at Rs. 2,459 crore versus Rs. 3,901 crore.

The bank made provision of Rs. 384 crore in the quarter ended March 2011, which was down by 61% as compared to Rs. 990 crore in same quarter of 2010.

As on March 31, 2011, the bank had 2,529 branches and 6,104 ATMs, the largest branch network among private sector banks in the country.

The board has recommended a dividend of 14% .

The ICICI BANK stock price today closed at Rs. 1117.55, up by Rs. 10 from its previous close.

Source : Antony Joseph Rajendran back