ICICI Bank Q4 net profit down

Published: 30-Apr-2009

Profit after tax for the fiscal 2009 was INR37.58 billion, compared to INR41.58 billion for the fiscal 2008

India-based ICICI Bank has reported a profit after tax of INR7.44 billion for the fourth quarter of the fiscal 2009 ended on March 31, 2009, compared to INR11.5 billion for the same quarter of fiscal 2008.

For the fourth quarter of fiscal 2009, profit before tax was INR10.71 billion, compared to INR13.43 billion in the same quarter of fiscal 2008. Net interest income for the fourth quarter of fiscal 2009 was INR21.39 billion, compared to INR20.79 billion in the corresponding quarter of fiscal 2008. Noninterest income was INR16.74 billion, compared to INR23.62 billion in the same quarter of fiscal 2008.

Profit after tax for the fiscal 2009 was INR37.58 billion, compared to INR41.58 billion for the fiscal 2008, due to the higher effective tax rate on account of lower proportion of income taxable as dividends and capital gains.

Net interest income increased 15% from INR73.04 billion in fiscal 2008 to INR83.67 billion in fiscal 2009. While the advances declined marginally year-on-year, the net interest income increased due to improvement in net interest margin from 2.2% in fiscal 2008 to 2.4% in fiscal 2009. Noninterest income for fiscal 2009 was INR76.04 billion, compared to INR88.11 billion in fiscal 2008.

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