ICICI Bank’s Q1 profit up 25 percent


New Delhi : India's largest private sector lender ICICI Bank Ltd Saturday posted a net profit of Rs.7.75 billion ($190 million) in the first quarter of the current fiscal (2007-08), a 25 percent rise from Rs.6.20 billion in the same period last fiscal.

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The bank, at its board meeting, also reported an increase of 51 percent in its operating profit at Rs.15.24 billion during the period as against Rs.9.65 billion in the corresponding period last year, it said a statement.

The bank also witnessed a significant rise in its deposits to Rs.2.30 trillion till June 30, 2007 compared to Rs.1.83 trillion during the same period last fiscal.

It added 198 automatic teller machines (ATMs) during the first quarter, taking the total number of ATMs to 3,469. Till June 30, the bank had 950 branches, including 48 extension counters.

The total assets of the bank's international branches increased to about $13.2 billion by the end of the quarter, from $7.9 billion during the same period last year.

ICICI Lombard General Insurance Company (ICICI General) maintained its leadership position with a market share of about 32 percent among private sector general insurance companies and an overall market share of about 12 percent during April-May 2007.

During the period, the bank's rural portfolio increased by 24 percent to about Rs.141.36 billion from Rs.113.68 billion. It is also extending its reach in the small and medium enterprises segment.