ICICI Bank Q1 net soars 25 pc

New Delhi, July 21 (UNI) ICICI Bank, country's second largest bank reported a 25 per cent jump in net profit at Rs 775 crore for the first quarter ended June 30 compared to Rs 620 crore for the same period last year.

The bank's operating profit for Q1 of the current year stood at to Rs 1,524 crore, an increase of 58 per cent from Rs 965 crore in the corresponding period last year while the net interest income rose 16 per cent to Rs 1,714 crore from Rs 1,475 crore in the said period.

The total advances was up by 35 per cent to Rs 1,98,277 crore in June this year from Rs 1,47,184 crore during the corresponding period last year, while deposits rose 26 per cent to Rs 2,30,788 crore from Rs 1,83,006 crore.

The Bank undertook a capital raising exercise of about Rs 20,000 crore through a simultaneous public issue in India and issue of American Depositary Shares (ADS) in the US.

ICICI Bank is focusing on fee-based products and services, as well as utilising opportunities presented by the domestic and international expansion of Indian companies.

The Bank's rural portfolio increased by 24 per cent to Rs 14,136 crore from Rs 11,368 crore.

The total assets of the Bank's international branches increased to about Rs 53,550 crore from Rs 32,000 crore.

The Bank's capital adequacy during the period was 11.0 per cent, including Tier-1 capital adequacy of 7.1 per cent and the impact of the equity capital raised in June will be reflected from the next quarter onwards, the bank said in a statement.

UNI