ICICI posts 25 pc rise in Q1 profits

Mumbai, July 21: Country's second largest bank ICICI has recored a 25 per cent increase in net profits for the quarter ended June 30 even as higher interest rates claimed a slow down in auto and home loans. Profits grew to Rs 775 crore from Rs 620 crore.

''There was a slow down in home and auto loans. But this didn't have any bigger impact in total business as urban retail credit segment responded well,'' said Ms Vishaka Mulye, Chief Financial Officer, ICICI Bank.

Net Non Performing Assets (NPA) went up to 1.3 per cent from 0.98 per cent in previous quarter and stood at Rs 2700 crore while gross NPA was at Rs 6000 crore.

Corporate loans contributed 26 per cent of the total loans with nearly 16 per cent coming from the international side.

Bank's total income went to Rs 9281.42 crore from Rs 6049.66 crore in the corresponding quarter last year.

On the credit side, total advances grew to Rs 198,277 crore, up by 35 per cent from Rs 147,184 crore in the last quarter, of which retail advances constituted 64 per cent of the total advances.

Deposits also grew by 26 per cent to Rs 230,788 crore from Rs 183,006 crore for the quarter.

The Bank will focus more on fee based product and services as well as utilising opportunities presented by domestic and international expansion of Indian companies, said Ms Mulye.

UNI