ICICI Bank’s profit after tax tops $ 1.0 billion

ICICI Bank Limited profit after tax for the quarter ended March 31, 2008 (Q4-2008) increased 39% to Rs. 1,150 crore (US$ 287 million) from Rs. 825 crore (US$ 206 million) for the quarter ended March 31, 2007 (Q4- 2007).

Profit after tax for 2008 increased 34% to Rs. 4,158 crore (US$ 1.0 billion) from Rs. 3,110 crore (US$ 775 million) for the year ended March 31, 2007.

Net interest income increased 30% to Rs. 7,304 crore (US$ 1.8 billion) for 2008 from Rs. 5,637 crore (US$ 1.4 billion) for 2007.

Fee income increased 32% to Rs. 6,627 crore (US$ 1.7 billion) for 2008 from Rs. 5,012 (US$ 1.2 billion) for 2007.

Current And Savings Account (CASA) deposits ratio increased to 26% at March 31, 2008 from 22% at March 31, 2007.

At March 31, 2008, ICICI Bank and its subsidiaries had consolidated total assets of Rs. 485,830 crore (US$ 121.1 billion).

The Board has recommended a dividend of 110% for 2008 i.e. Rs. 11 per equity share (equivalent to US$ 0.55 per ADS) as compared to 100% for 2007. The declaration and payment of dividend is subject to requisite approvals.

Current and savings account deposits increased 27% to Rs. 63,781 crore (US$ 15.9 billion) at March 31, 2008 from Rs. 50,214 crore (US$ 12.5 billion) at March 31, 2007 and constituted 26% of total deposits at March 31, 2008 compared to 22% at March 31, 2007. The Bank is significantly expanding its branch network to expand its reach and further enhance its deposit franchise.

At April 23, 2008 the Bank had 1,308 branches and extension counters as compared to 755 branches and extension counters at March 31, 2007.

This increase of 553 branches and extension counters includes about 190 branches on account of the merger of Sangli Bank. The Bank had 3,950 ATMs at April 23, 2008.