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ICICI Bank profit after tax increased 20% in Q3

Staff writer |
ICICI Bank reported audited results for the quarter ended September 30, 2013. Standalone profit after tax increased 20% to $376 million from $312 million for the quarter ended September 30, 2012.

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The Bank has fully recognised the mark-to-market provisions of $45 million on its investment portfolio, and has not availed the option permitted by the Reserve Bank of India of recognising the same over three quarters.

Operating profit excluding treasury increased 31% year-on-year to $634 million in Q2 2014 from $483 million in Q2-2013. Net interest income increased 20% to $646 million in Q2 2014 from $538 million in Q2-2013. Net interest margin increased by 31 basis points from 3.00% for Q2-2013 and 3.27% in Q1 2014 to 3.31% for Q2 2014.

Net interest margin of international branches increased from 1.60% in Q1 2014 to 1.80% in Q2 2014, while the domestic net interest margin was stable at 3.65% in Q2 2014 vis-a-vis 3.63% in Q1 2014. Fee income increased by 17% to $319 million in Q2- 2014 from $273 million in Q2-2013.

Cost-to-income ratio reduced to 37.3% in Q2 2014 from 40.9% in Q2- 2013. Provisions were at $100 million in Q2 2014 compared to $81 million in Q2-2013. Return on average assets was 1.70% in Q2 2014 compared to 1.54% in Q2-2013.


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