ICICI Bank’s net profit jumps 30.5 percent in third quarter

NEW DELHI - One of India’s largest private lenders ICICI Bank Monday reported an increase of 30.5 percent in its net profit for the quarter ended Dec 31, 2010, which stood at Rs.1,437 crore.

“Bank has posted a net profit of Rs.14,370.20 million for the quarter ended Dec 31, 2010 as compared to Rs.11,010.60 million for the quarter ended Dec 31, 2009,” the company said in a regulatory filing.

Meanwhile, the consolidated net profit of the bank and its subsidiaries grew by 36 percent in the first nine months of the current fiscal year to Rs.4,525 crore as compared to Rs.3,328 crore in the like period of fiscal 2009-10.

The total income of the private lender jumped by 8.78 percent at Rs.8,444.75 crore for the third quarter from Rs.7,762.71 crore in the corresponding period of last fiscal.

The bank’s net interest income in the quarter grew by 12.3 percent and stood at Rs.2,312 crore from Rs.2,058 crore in the same period last fiscal.

The fee income of the lender also increased by 14.3 percent to Rs.1,625 crore from Rs.1,422 crore reported in the third quarter of the last fiscal.

Saving deposits with the bank in the quarter stood at Rs.64,577 crore with a growth of 26.5 percent from Rs.51,054 crore in the corresponding quarter of fiscal 2009-10.

The CASA (current account saving account) grew by 44.2 percent by the quarter ended Dec 31, 2010, as against 39.6 percent in the quarter ended Dec 31, 2009.

The net non-performing assets of the bank decreased by 34.9 percent at Rs.2,873 crore in the third quarter from Rs.4,416 crore in the same quarter of the last fiscal year.

The bank’s scrip in the afternoon trading at the Bombay Stock Exchange (BSE) went up by 1.52 percent at Rs.1,082.