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PRESS TRUST OF INDIA
Mumbai, 31 July
A huge Rs 403 crore gain from treasury income, coupled with a spurt in interest income and margins, pushed up the standalone net profit of ICICI Bank by 25.3 per cent to Rs 2,274 crore in the April-June quarter.
The country’s largest private bank had reported a net profit of Rs 1,815.05 crore in the year-ago period.
It booked a Rs 403 crore income from treasury operations in the first quarter of 2013-14, as against Rs 21-crore loss in the year-ago period, which was the major reason for the spike in overall profit.
A healthy 20 per cent spurt in key net interest income, which is the difference between interest paid and interest earned, at Rs 3,820 crore during the quarter pushed up the total income of the bank by 13 per cent to Rs 12,905 crore.
Its non-interest income jumped 32 per cent year-on-year to Rs 2,484 crore, driven by treasury gains and higher dividends from subsidiaries.
This has had a positive impact on the net interest margin (NIM), which is a key gauge of profitability for banks, pushing it up to 3.27 per cent in the quarter from 3.01 per cent a year ago, ICICI Bank managing director and chief executive Ms Chanda Kochhar told reporters at a conference call.
The domestic margins stood higher at 3.63 per cent in the quarter, she said.
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