FPJ BUSINESS DESK Mumbai Driven by rise in both interest and non- interest income, and higher dividends from subsidiaries, ICICI Bank on Friday reported 31% jump it net profit to Rs. 1,902 cr for the fourth quarter of 2011- 12, as compare
d to Rs. 1,452 cr for the corresponding quarter of the previous fiscal.
Non- core income, which includes gains from treasury and fees apart from higher dividends from the subsidiaries, rose 36% to Rs. 2,230 cr, while the core net interest income grew 24% to Rs. 3,105 cr.
” Strong loan growth and other incomes, which include dividend from our subsidiaries, apart from better asset quality helped us report strong numbers,” ICICI Bank MD and CEO Chanda Kochhar said.
” This could help us offset the impact of a Rs. 613 cr loss in ICICI Lombard due to the IRDA guidelines on thirdparty motor insurance pool,” she said. Total income rose to Rs. 11,403 cr in the quarter under review from Rs. 8,797 cr in year- ago period.
Dividend income went up to Rs. 280 cr in the reporting period against Rs. 75 cr a year ago. On the back of better- than- expected numbers, Kochhar sounded bullish about growth in the current fiscal saying the bank will grow above the industry average at 20%. The Reserve Bank has pegged 17% advances growth for the fiscal.
Kochhar added that, ” In this direction, we continue to leverage our strong corporate franchise, international presence and the fast expanding domestic branches.”
