ICICI Bank, Sri Lanka Branch PBT 54% up

ICICI Bank's Sri Lanka branch operations recorded a profit before tax of Rs.312 million for the financial year ended March 31, reflecting a growth of 54 percent over the previous year's profit before tax of Rs. 201 million. The branch recorded profit after tax of Rs.189 million for the financial year ended March 31, compared to Rs.169 million for the previous year.

Given the challenging economic environment during the year, the Bank pursued a strategy of prioritising capital conservation and liquidity management. This is reflected in the Bank's strong capital adequacy and excess liquidity. The Bank also placed a strong emphasis on efficiency improvement and cost rationalisation.

The ratio of Non Performing Loans to Gross Lending Portfolio stood at 0.89 per cent while the Net Non Performing Ratio was at 0.81 per cent as at March 31, 2009.