douglasblakey

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.

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.