India’s second-largest lender, ICICI, has
posted a net profit of INR51.51bn ($1.16bn) for the 12 months to 31
March, up 28% year-on-year.
In the fourth quarter, ICICI’s net income
rose by 44% from the year ago quarter to INR14.52bn.
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But ICICI’s retail banking unit remained
in the red: although losses fell by 61%, the division posted a loss
before tax of INR5.14bn.
ICICI full year highlights
included:
- The low cost current and savings account
(CASA) deposit ratio increased to 45.1% as at 31 March 2011 from
41.7% at the end of the prior fiscal; - The net non-performing asset ratio
decreased to 0.94% from 1.87% over the same period; - Channel investment: ICICI ended the
fourth quarter with a branch network of 2,529 outlets and 6,104
ATMs; ICICI has increased its branch network by almost 1,000 net
units in the past 18 months; - Advances increased by 19% year-on-year to
INR2.16trn; - Savings deposits increased by 26%
year-on-year to INR668.7bn, and - Total assets increased by 11.8%
year-on-year to INR4.06trn.
Looking ahead, ICICI
chief executive Chanda Kochhar maintained that ICICI was aiming to
increase lending by 20% in the year to March 2012.
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