ICICI Bank net jumps 30%
31 January 2013
MUMBAI/ KOLKATA, 31 JAN: ICICI Bank today posted an over 30 per cent growth in standalone net profit at Rs 2,250 crore for the third quarter ended 31 December 2012, helped by a sharp rise in net interest income and improvement in asset quality.
On a consolidated basis, the bank's net profit rose 22 per cent year-on-year to Rs 2,645 crore from Rs 2,174 crore as all its subsidiaries ~ life and general insurance companies ~ reported better numbers.
On the back of better-than-expected numbers, Ms Chanda Kochhar, managing director and chief executive of the country's largest private sector bank, said she is hopeful of growing above the industry average on the advances front.
During the reporting quarter, the lender saw its other income rise by 17 per cent to Rs 2,215 crore, while the income from interests grew much faster at 29 per cent to Rs 3,500 crore, she said.
Describing the better performance to overall improvement in operations, Ms Kochhar told reporters in a conference, “the rise in profit came on the back of overall growth and efficiency parameters.”
She further said: “Going forward, the bank expects slight improvement in net interest margin (NIM) by a few basis points. In the December quarter, the NIM grew 37 basis points to 3.07 per cent over the year-ago period.” AllBank net dips 44%
State-run Allahabad Bank today reported a 44.46 per cent fall in net profit at Rs 311 crore for the quarter ended 31 December 2012. The bank had posted a net profit of Rs 560 crore in the corresponding period of the previous fiscal.
The Kolkata-headquartered bank said higher provisioning for bad assets, additional provisioning for standard restructuring and provisioning for wage revision have led to the decline in the third quarter net profit.
The bank's chairman and managing director Shubhalakshmi Panse said the bank had made a total provisioning of Rs 549 crore for the third quarter of the ongoing fiscal.
Net NPA of the bank stood at 2.06 per cent during the quarter under review as against 0.79 per cent in the same period of the previous fiscal.