ICICI Bank Ltd. has posted its fourth quarter results for the fiscal ending March 2011 on 28 April, 2011. The company has registered an increase in its standalone net profit by 44.4 per cent amounting to Rs. 1,452.11 crore in the quarter ended March 2011 as compared to Rs. 1,005.57 crore in the corresponding quarter last year.
The increase in the net profit was led by the rise in the net interest income, which was up by 23 per cent at Rs. 2,510 crore from Rs. 2,035 crorein the quarter ended March 2010 and also increase in the fee income for the quarter by 18 per cent to Rs. 1, 791 crore from Rs. 1,521 crorein the corresponding quarter last year.
Moreover, a significant decline in the provisions by 61% to Rs. 384 crore (US$ 86 million) in Q4-2011 from Rs. 990 crore (US$ 222 million) in Q4-2010 also contributed towards the increase in the bottom line of the bank. The expenditure increased to Rs. 6,492.19 crore in the March 2011 quarter from Rs. 5,318.93 crore in the corresponding quarter last year.
The operating expenses for the quarter stood at Rs. 1,845.47 crore as compared to Rs. 1,526.89 crorein the quarter ended March 2010. The increase in expenses was on the back of rise in the employee cost by 47 per cent to Rs. 856.62 crorein the March 2011 quarter from Rs. 582.70 crore in the corresponding last quarter.
The total income of the company surged to Rs. 8,797.12 crore from Rs. 7,717.82 crore in the quarter ended March 2010. The tax expense stood at Rs. 469.21 crore in the quarter ended March 2011 from Rs. 403.57 crore in the corresponding quarter last year.
The revenuegenerated by various segments like retail banking, wholesale banking, treasury, other banking, life insurance, general insurance and venture fund management was Rs.4,232.57 crore, Rs.5,460.21 crore, Rs. 6,441.08 crore, Rs. 693.07 crore, Rs. 7,509.54 crore, Rs. 884.86 crore, Rs. 31.74 crore, respectively.
The Bank has continued with its strategy of pursuing profitable growth. In this direction, the Bank continues to leverage its strong corporate franchise, its international presence and its expanded branch network in India. At March 31, 2011, the Bank had 2,529 branches and 6,104 ATMs, the largest branch network among private sector banks in the country.
During the quarter the advances increased by 19 per cent year-on-year to Rs. 216,366 crore from Rs. 181,206 crore in the quarter ended March 2010. The savings deposits increased by 26 per cent year-on-year to Rs. 66,869 crore during the quarter from Rs. 53,218 crore in the corresponding quarter last year. Additionally, the CASA ratio increased to 45.1 per cent at March 31, 2011 from 41.7 per cent at March 31, 2010.
Further the robust performance of the bank during the quarter was due to the decrease in the net non-performing assets by 37 per cent to Rs. 2,459 crore from Rs. 3,901 crorein the quarter ended March 2010. The bank has reported that the Board of Directors of the Bank at its meeting held on April 28, 2011 has recommended a dividend of Rs. 14 per equity share for the year ended March 31, 2011.