GANGTOK, 31 Oct: As per a press release issued by ICICI Bank Limited (NYSE: IBN) the bank held its annual performance review meeting which was chaired by the Board of Directors of the bank.
ICICI Bank which is one of the largest private sector banks in the country held the meeting at Mumbai today and approved the audited accounts of the Bank for the six months ended September 30, 2011.
It may also be informed that the bank has continued with its strategy of pursuing profitable growth and in this direction, the bank continues to leverage its strong corporate franchise, its international presence and its expanded branch network in India. The Bank presently has 2,535 branches and 6,913 ATMs, the largest branch network among private sector banks in the country.
It was disclosed during the meeting today that the performance review of the bank stated that in the quarter ended September 30, 2011, the bank made a 43% year-on-year increase in consolidated profit after tax to Rs.1,992 crore (US$ 407 million) for the quarter ended September 30, 2011 from 1,395 crore (US$ 285 million) for the quarter ended September 30, 2010.
This performance takes the bank as one of the biggest profit earning private sector banks in the country with branches in almost all the states in India and abroad.
The Board of Directors informed that a 20% year-on-year increase in advances to ` 233,952 crore (US$ 47.8 billion) at September 30, 2011had also increased the current and savings account (CASA) ratio at 42.1% on September 30, 2011.
“The net non-performing asset ratio decreased to 0.80% at September 30, 2011 from 1.37% at September 30, 2010 and 0.91% at June 30, 2011while provisions decreased 50% to 319 crore (US$ 65 million) in Q2-2012 from 641 crore (US$ 131 million) in Q2-2011making it one of the premier banks in the country,” it was informed during the meeting.
Speaking on insurance subsidiaries which is also an area where ICICI has made a niche for itself it was said that the profit after tax of ICICI Prudential Life Insurance Company (ICICI Life) for Q2-2012 was ` 350 crore (US$ 71 million) compared to a profit of 15 crore (US$ 3 million) during Q2-2011 (excluding surplus of ` 254 crore (US$ 52 million) in non-participating policy holders’ funds in Q2-2011). The assets under management were ` 64,849 crore (US$ 13.2 billion) on September 30, 2011.
The gross premium income of ICICI Lombard General Insurance company (ICICI General) increased by 20% to1,306 crore (US$ 267 million) in Q2-2012 from ` 1,091 crore in Q2-2011. ICICI Lombard’s profit after tax for Q2-2012 was ` 56 crore compared to a profit of 104 crore for Q2-2011, mainly due to higher sourcing costs and lower investment income.
Lastly, it was also stated that a strong capital adequacy ratio of 18.99% and Tier-1 capital adequacy of 13.14% was recorded during September 30, 2011.
It was further informed that the consolidated profit after tax of the Bank increased by 47% to ` 3,658 crore for the six months ended September 30, 2011 from 2,486 crore for the six months ended September 30, 2010 (H1-2011).
The Standalone profit after tax increased 25% to ` 2,835 crore for H1-2012 from 2,262 crore for H1-2011 and Standalone profit after tax increased 22% to ` 1,503 crore for Q2-2012 from1,236 crore for Q2-2011.
The net interest income increased 14% to ` 2,506 crore in Q2-2012 from ` 2,204 crore in Q2-2011 while fee income increased 7% to ` 1,700 crore in Q2-2012 from1,590 crore in Q2-2011.
Lastly, while approving the bank’s audited accounts the Board of Directors informed that the Bank’s capital adequacy at September 30, 2011 as per RBI’s guidelines on Basel II norms was 18.99% and Tier-1 capital adequacy was13.14%, well above RBI’s requirement of total capital adequacy of 9.0% and Tier-1 capital adequacy of 6.0%.
ICICI Bank which is one of the largest private sector banks in the country held the meeting at Mumbai today and approved the audited accounts of the Bank for the six months ended September 30, 2011.
It may also be informed that the bank has continued with its strategy of pursuing profitable growth and in this direction, the bank continues to leverage its strong corporate franchise, its international presence and its expanded branch network in India. The Bank presently has 2,535 branches and 6,913 ATMs, the largest branch network among private sector banks in the country.
It was disclosed during the meeting today that the performance review of the bank stated that in the quarter ended September 30, 2011, the bank made a 43% year-on-year increase in consolidated profit after tax to Rs.1,992 crore (US$ 407 million) for the quarter ended September 30, 2011 from 1,395 crore (US$ 285 million) for the quarter ended September 30, 2010.
This performance takes the bank as one of the biggest profit earning private sector banks in the country with branches in almost all the states in India and abroad.
The Board of Directors informed that a 20% year-on-year increase in advances to ` 233,952 crore (US$ 47.8 billion) at September 30, 2011had also increased the current and savings account (CASA) ratio at 42.1% on September 30, 2011.
“The net non-performing asset ratio decreased to 0.80% at September 30, 2011 from 1.37% at September 30, 2010 and 0.91% at June 30, 2011while provisions decreased 50% to 319 crore (US$ 65 million) in Q2-2012 from 641 crore (US$ 131 million) in Q2-2011making it one of the premier banks in the country,” it was informed during the meeting.
Speaking on insurance subsidiaries which is also an area where ICICI has made a niche for itself it was said that the profit after tax of ICICI Prudential Life Insurance Company (ICICI Life) for Q2-2012 was ` 350 crore (US$ 71 million) compared to a profit of 15 crore (US$ 3 million) during Q2-2011 (excluding surplus of ` 254 crore (US$ 52 million) in non-participating policy holders’ funds in Q2-2011). The assets under management were ` 64,849 crore (US$ 13.2 billion) on September 30, 2011.
The gross premium income of ICICI Lombard General Insurance company (ICICI General) increased by 20% to1,306 crore (US$ 267 million) in Q2-2012 from ` 1,091 crore in Q2-2011. ICICI Lombard’s profit after tax for Q2-2012 was ` 56 crore compared to a profit of 104 crore for Q2-2011, mainly due to higher sourcing costs and lower investment income.
Lastly, it was also stated that a strong capital adequacy ratio of 18.99% and Tier-1 capital adequacy of 13.14% was recorded during September 30, 2011.
It was further informed that the consolidated profit after tax of the Bank increased by 47% to ` 3,658 crore for the six months ended September 30, 2011 from 2,486 crore for the six months ended September 30, 2010 (H1-2011).
The Standalone profit after tax increased 25% to ` 2,835 crore for H1-2012 from 2,262 crore for H1-2011 and Standalone profit after tax increased 22% to ` 1,503 crore for Q2-2012 from1,236 crore for Q2-2011.
The net interest income increased 14% to ` 2,506 crore in Q2-2012 from ` 2,204 crore in Q2-2011 while fee income increased 7% to ` 1,700 crore in Q2-2012 from1,590 crore in Q2-2011.
Lastly, while approving the bank’s audited accounts the Board of Directors informed that the Bank’s capital adequacy at September 30, 2011 as per RBI’s guidelines on Basel II norms was 18.99% and Tier-1 capital adequacy was13.14%, well above RBI’s requirement of total capital adequacy of 9.0% and Tier-1 capital adequacy of 6.0%.
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