ICICI Bank net profit dips to 35% in Q4
Releasing its quarter four (Q4) results for the fiscal year, ICICI Bank, the largest private sector lender of India on Saturday posted a net profit of Rs 748-crore for the quarter ended March 31, 2009, which is 35.31% less than last Q4 (2007-08) that was Rs 1149.84-crore.
The bank’s drop in profit came on the back of reduction in fee income, lease and other income, treasury income and contraction in operating profit in Q4.
The fee income declined from Rs 1,928-crore in Q4 of FY08 to Rs 1343-crore in Q4 of FY09, while lease and other income slipped to Rs 117 from Rs 270-crore for the last corresponding periods.
The Treasury income declined from Rs 214 of Q4 of FY08 to Rs 164-crore of Q4 of FY09. Similarly, the operating profits shrank from Rs 2,291-crore to 2,156-crore on YoY basis.
Total audited income for the whole fiscal 2008-09 also plunged to 38,696.27-crore from Rs 39599.11-crore in FY 2007-08.
The bank had to face the panic growth of Non-Performing Assets (NPAs), which also contributed to the negative growth. The gross NPAs increased to Rs 9649.31-crore in Q4 of FY09 from Rs 7579.40-crore of Q4 of FY 08.
Making changes in top management level, ICICI announced to appoint V Vaidyanathan as the managing director and CEO of ICICI Prudential after Shikha Sharma officially resigned from her position.
Meanwhile, effective from May 1, the bank has also appointed Sandeep Bakshi as its Executive Director while Bhargav Dasgupta as the Managing Director and CEO of ICICI Lombard.
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